15 Racine Ave Chicago, IL 60607
Prime West Loop location, 100% occupied.
Property size:
1,150 SFProperty Features for 15 Racine Ave
General Information
- Property type
- Office Properties & Spaces
- Square Feet
- 1,150 SF
Building Details
- Year Built
- 2009
- Units
- 1
Listing Agency: Quest Realty Group Listing Agent: Jason Vondrachek
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
This exceptional investment opportunity presents a 1,150 square foot executive office suite located at 15 S Racine Ave, Chicago, IL 60607. The property, built in 2009, is currently 100% occupied under a gross lease with a single tenant, offering a stabilized investment with a 5.64% cap rate and a Net Operating Income (NOI) of $22,548. The asking price is $400,000, with a price per square foot of $347.83. The lease expires on July 31, 2024. This is a single-unit property with a retail and office designation. A unique financing opportunity is available: $100,000 down payment with $300,000 seller-financed at 0% interest for 30 months. After the 30-month period, the remaining balance will be approximately $244,500, and financing will continue at 6% interest. The seller will continue property management, eliminating landlord responsibilities. The tenant pays all utilities, which are separately metered. The property benefits from its location in the ultra-prime West Loop, just south of the Madison/Racine intersection. A long-term tenant (11+ years) occupies the space. Similar properties are available in the West Loop, Wicker Park, and Lakeview neighborhoods.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Skin By Zana
Spa & Massage Center
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6569642
- Latitude
- 41.8811084
Nearby Similar for Sale
FAQs
What type of property is this?
Office Property / Space - Prime West Loop location, 100% occupied.
Where is this office property / space located?
The property is located at 15 Racine Ave Chicago, IL.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 1,150 SF executive suite in the ultra-prime West Loop, Chicago, at 15 S Racine Ave.; $400,000 asking price, $347.83/SF, with a 5.64% cap rate and $22,548 NOI.; 100% occupied under a gross lease with a long-term (11+ years) single tenant; lease expires July 31, 2024.
