West Loop Retail/Office
1351-1355 W Washington Blvd Chicago, IL 60607
1351-1355 W Washington Blvd, Chicago, IL, 60607
Contact for pricing
For Sale
Contact for pricing
NNN investment opportunity with long-term tenant in place.
Property Size959 SF
Price / SF$401.46
Days on Market1787
Property Features for 1351-1355 W Washington Blvd
General Information
- Standard status
- Active
- Size
- 959 SF
- Property subtype
- Retail, Office
Listing agency
Chicago Real Estate Resources Inc
(773) 879-0713
Listed by
Tuyen Nguyen · License #IL
Source
Crexi
Added: Aug 31, 2021 Updated: Jul 10 at 3:41PM Checked: Jul 22 at 7:37AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Chicago Real Estate Resources Inc
Investment Insights
Based on property information with market context.
This retail and office condo, situated in the West Loop, offers a NNN investment opportunity with a medical wellness tenant already in place. The lease extends until August 2026 and includes two five-year renewal options. The unit has one indoor garage parking space with rear access. Located near highway access and in proximity to the Washington/Wells Station and Ogden Avenue, it is just 5 minutes from the United Center. The city council has approved the 1901 Project, a $7 billion development that will transform 55 acres into a campus featuring music venues, retail, hotels, green spaces, and affordable housing, with construction starting this spring. The property size is 959 square feet.
Key Highlights
- Long‑term NNN lease secured until August 2026 with two five‑year renewal options, providing stable income.
- Favorable seller financing terms available.
- Positive cash flow asset with no maintenance required.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $36.8k | $38.40 |
| − Vacancy | −$9.4k | −$9.79 |
| EGI | $27.4k | $28.61 |
| − OpEx | −$6.9k | −$7.15 |
| NOI | $20.6k | $21.46 |
959 SF · lease $38.40/SF/yr · vacancy 25.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$293.9K
$257.2K – $342.9K
NOI $20,576 @ 7.0% cap · market cap 5.34%
Second Best
Retail
$189.5K
$165.9K – $221.1K
NOI $13,268 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$452.2K
$395.7K – $527.5K
NOI $31,652 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - NNN investment opportunity with long-term tenant in place.
Where is this retail space located?
The property is located at 1351-1355 W Washington Blvd Chicago, IL.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Long‑term NNN lease secured until August 2026 with two five‑year renewal options, providing stable income.; Favorable seller financing terms available.; Positive cash flow asset with no maintenance required.
