423-439 Dearborn St Chicago, IL 60605

Property Details for 423-439 Dearborn St

Property size

7,098 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional investment opportunity presents a 7,098 square foot, multi-tenant retail condominium interest located at 423-439 S Dearborn St, Chicago, IL 60605. The property boasts a strong 8.00% cap rate and a Net Operating Income (NOI) of $174,000, with an asking price of $2,175,000. Currently 100% occupied by six diverse retail tenants, including established businesses with long-term leases featuring rent bumps, providing a hedge against inflation. Five of the six leases include operating expense reimbursements. Situated in the heart of Chicago's Loop, this property benefits from its location at the intersection of S Dearborn Street and W Ida B Wells Drive, offering unparalleled access to public transportation, including CTA Brown and Blue lines, Metra, and bus routes. The property is also conveniently located near major highways (Interstates 90 and 290, and US Highway 41), Grant Park, Willis Tower, and Union Station. The building itself, the historic Manhattan Building, is a Chicago Landmark and listed on the National Register of Historic Places. The property enjoys high vehicular and pedestrian traffic counts exceeding 41,000 vehicles daily, supported by a dense population and substantial workforce within a one-mile radius, boasting an average household income of $205,542. This prime location, coupled with strong tenant occupancy and built-in rent increases, makes this a compelling investment opportunity. The property is part of a larger sixteen-story building, with retail on the ground floor and residential condominiums above.

Location Insight

City

Chicago

County

Cook

State

Illinois

Longitude

-87.6289

Latitude

41.8761