840 Western Ave Chicago, IL 60622-4638

Property Details for 840 Western Ave

Property type

Commercial real estate

APN

16-01-430-011

APU

1601430011

Description

This exceptional 4,100-square-foot medical office building, located at 840 N Western Ave Unit C in Chicago's vibrant Ukrainian Village neighborhood, presents a compelling investment opportunity. Built in 2008, this single-tenant property boasts a prime location at the corner of Western Avenue and Rice Street, offering excellent visibility and accessibility. The building features a modern design, including a striking curved glass corner, ideal for a large treatment or surgical room. The interior comprises 15 rooms (three with sinks), a surgical room, nurses' station, three window line offices, ten treatment rooms, a kitchen area, three restrooms, three storage rooms, and multiple closets. The efficient layout is perfectly suited for medical practices. The property includes two surface parking spaces. Currently operating under a net lease with a single tenant, the lease expires March 30, 2025, and includes four five-year renewal options. The property generates a strong net operating income (NOI) of $113,121, resulting in an attractive 7.00% cap rate. The asking price is $1,200,000. The property sits on an 11,664-square-foot lot and is zoned C1-2. Western Avenue experiences a high volume of vehicular traffic (19,739 vehicles per day). The surrounding area boasts strong demographics, with a high household income ($120,196) and a significant population (191,491) within the 35-44 age demographic. This is a rare opportunity to acquire a well-located, high-performing medical office building with significant upside potential.