853 Larrabee St Chicago, IL 60610

Property Details for 853 Larrabee St

Year built

2018

Property size

37,000 SF

Property type

Commercial real estate

APN

17-04-324-117-0000

Description

This exceptional Class A mixed-use property, located in Chicago's desirable River North neighborhood at 853 N Larrabee St (APN 17-04-324-117-0000), offers a compelling investment opportunity. Built in 2018, this four-story building boasts 37,000 square feet, with 32,398 square feet of net rentable space. The property features 45 units: thirteen studios, twenty-three one-bedroom/one-bathroom apartments, and six one-bedroom/one-bathroom apartments with dens. All units are currently 100% occupied, featuring modern kitchens, bathrooms, HVAC systems, and in-unit laundry. The ground floor comprises three retail spaces leased to established businesses: a cooking school, an insurance provider, and a smoke shop. Residents enjoy convenient access to an indoor parking garage with 37 spaces, an on-site gym, and an indoor bike garage. The property's strong financials include a current NOI of $851,053 and a pro-forma NOI of $968,789, resulting in a current cap rate of 5.67% and a pro-forma cap rate of 6.46%. The asking price is $15,000,000, representing a price per square foot of $405.41 and a price per unit of $333,333.33. This fee-simple ownership opportunity benefits from a prime location near public transit and surrounded by luxury residential developments and a large office building. The tenants are credit-rated and include franchisees, ensuring a stable income stream. The lease type is NNN.