603 Wells St Chicago, IL 60654
- Mixed-use properties
Current Use by Public Records
- Mixed-use properties
Property Details for 603 Wells St
- Property type
- Mixed-use properties
Description
This exceptional mixed-use property, located in Chicago's desirable River North neighborhood, presents a compelling investment opportunity. The property consists of two connected buildings situated on two lots totaling 6,160 square feet (56x110). One building features a classic Greystone facade, housing four apartments on the upper floors. The ground floor comprises a restaurant space (currently Bar Cargo), which seamlessly connects to an indoor atrium and a charming back patio atrium. The second building, originally a garage, has been beautifully renovated and offers additional space. The property is currently 100% occupied, with a strong tenant in place paying approximately $27,000 annually, plus all utilities and a portion of the property taxes. The building is classified as Class A, with a NN+ lease type and a single tenancy. The property boasts a 0.74% cap rate and a net operating income (NOI) of $27,000. The permitted zoning is DX, and the property features three stories. Financial details beyond the provided NOI require a non-disclosure agreement. This is a rare opportunity to acquire a fully leased, high-performing asset in a prime River North location. Do not disturb tenants.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6339
- Latitude
- 41.8926
