505 Mcclurg Ct Chicago, IL 60611
- Retail properties
- 4,482 SF
Current Use by Public Records
- Parkview Condominiums / Condominium Complex
- Corey Search Group, Inc. / Executive Search Firm / Service Establishment
- Tycoon Consulting / Consultant / Advertising Agency
Property Details for 505 Mcclurg Ct
- Property size
- 4,482 SF
- Property type
- Retail properties
- Property subtype
- Restaurants
Description
This exceptional investment opportunity presents a fee simple interest in a 4,482-square-foot retail property located at 505 N McClurg Ct, Chicago, IL 60611. Situated in the vibrant West Loop neighborhood, this property boasts a prime location within a residential condominium building. The asset is currently 100% occupied by two tenants: Subway and West Loop Veterinary Care Streeterville, operating under passive net leases. Landlord responsibilities are limited to structural maintenance and capital improvements. Both leases include substantial annual rent escalations, providing a built-in inflation hedge. The property offers a strong 7.25% cap rate and a substantial net operating income (NOI) of $275,602. The asking price is $3,800,000. Tenancy is secured by a corporate guarantee. Detailed lease information is available in the offering memorandum. This investment benefits from excellent tenant diversification, a hard corner location ensuring high visibility and foot traffic, and the strong demographics of downtown Chicago, making it an attractive, Amazon-proof investment. The property's location in a thriving urban infill area and the medical office tenant provide further stability and growth potential. The Subway tenant has a new 10-year lease with annual rent increases.
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
- -87.6176
- Latitude
- 41.8915
