5257 Ashland Ave Chicago, IL 60609

Property Details for 5257 Ashland Ave

Year built

2004

Lot size

0.69 lot acres

Property size

12,901 SF

Property type

Retail properties

Property subtype

Office Properties & Spaces

Description

This exceptional 12,901 square foot executive office building, located at 5257 S Ashland Ave in Chicago's New City community, presents a compelling investment opportunity. Built in 2004 and extensively renovated in 2023, the property boasts a 100% occupancy rate, generating a substantial net operating income (NOI) of $271,144 and a 6.50% cap rate. The anchor tenant is the General Services Administration (GSA), occupying 8,776 square feet under a ten-year lease (five years firm) commencing May 15, 2023. This GSA lease represents a Social Security Office, relocated from a nearby location, with a significant build-out investment exceeding one million dollars. The remaining 4,214 square feet is leased to three retail tenants: a convenience store, a nail salon, and a phone store, all operating at market rent. The building features a new roof, new HVAC systems, and a completely modernized interior. Situated on a 0.689-acre lot with 40 parking spaces and two curb cuts (one on Ashland and one on 53rd Street), the property benefits from a traffic light intersection and a densely populated area. The C1-2 Commercial zoning allows for a variety of uses. This prime location is at the northeast corner of 53rd and Ashland, within a major shopping and business district along Ashland Avenue and 47th Street. The property's strong tenant mix, high occupancy, and recent renovations make it an attractive investment with significant long-term potential.

Location Insight

City

Chicago

County

Cook

State

Illinois

Longitude

-87.6644

Latitude

41.7983