2711 George St Chicago, IL 60618
- Warehouses
- 23,442 SF
- 1.16 lot acres
Current Use by Public Records
- Crestone Group LLC / Wholesale Bakery
Property Details for 2711 George St
- Year built
- 1950
- Lot size
- 1.16 lot acres
- Property size
- 23,442 SF
- Property type
- Warehouses
- Property subtype
- Industrial properties
Description
This exceptional investment opportunity presents a 23,442-square-foot industrial warehouse in Chicago, Illinois. The property, located at 2711 W George St, boasts a strong, single tenant with a net lease (NNN) structure in place for 10 years remaining, expiring March 14, 2034, with a 5-year renewal option. The asking price is $5,969,227.20, representing a 7.5% cap rate and a pro-forma NOI of $447,692. Built in 1950 and situated on a 1.16-acre lot, the building features a high-cube design with a 40-foot ceiling height, totaling 140,000 cubic feet, currently configured as a freezer with 238 pallet positions and 22-foot racking height. The property includes two dock-high doors, one grade-level door, and ample parking for 20 vehicles. The lease includes 12% rental escalations every five years. The property is zoned M1-1 and benefits from its strategic location in Chicago, less than 5 miles from the city center, providing optimal logistics and efficient deliveries. The estimated 2022 real estate taxes were $78,000. This is a rare opportunity to acquire a well-located, high-performing industrial asset with a long-term lease.
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
- -87.6956
- Latitude
- 41.9336
