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 & Spaces

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.

Location Insight

City

Chicago

County

Cook

State

Illinois

Longitude

-87.6292

Latitude

41.8741