600-620 Dearborn St Chicago, IL 60605
- Retail properties
- 12,132 SF
- 0.16 lot acres
Current Use by Public Records
- Retail properties
Property Details for 600-620 Dearborn St
- Year built
- 1914
- Lot size
- 0.16 lot acres
- Property size
- 12,132 SF
- Property type
- Retail properties
- Property subtype
- Restaurants
Description
This exceptional retail investment opportunity presents a fee simple condominium interest in a prime Chicago Loop location at the intersection of S Dearborn and W Harrison Streets. The 12,132 square foot property, built in 1914, is part of the iconic Transportation Building, a 22-story high-rise with a unique architectural design. Currently 100% occupied by five diverse tenants, including 7-Eleven, with long-term leases and built-in rent increases, this property boasts a strong 7.08% cap rate and a substantial NOI of $306,312. The property benefits from excellent public transportation access, high vehicular and pedestrian traffic counts, and a dense population with high average household incomes. The location offers proximity to major attractions, including Grant Park and the Museum Campus, further enhancing its appeal and potential for future growth. This is a rare opportunity to acquire a well-positioned, high-performing retail asset in one of Chicago's most desirable neighborhoods. The property features an assumable loan with a favorable interest rate and amortization schedule. Four of the five leases include annual rent increases. All leases include tenant reimbursement of operating expenses. The property is situated near multiple CTA lines and Metra stations. The surrounding area boasts a significant number of residents and employees.
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
- -87.6292
- Latitude
- 41.8741
