405 Superior St Chicago, IL 60654

Property Details for 405 Superior St

Year built

2001

Lot size

0.17 lot acres

Property type

Office Properties & Spaces

Property subtype

Office space

Description

This Class A, seven-story creative office building, totaling 49,534 net rentable square feet, presents a compelling value-add opportunity in Chicago's vibrant River North neighborhood. Built in 2001 and renovated in 2019, the property features a desirable creative loft aesthetic with abundant natural light and high ceilings. Currently at 18% occupancy, the building offers significant upside potential. The 7,200 square foot floor plates are highly adaptable, suitable for both full-floor tenants and multi-tenant configurations. Two existing tenants occupy a portion of the building, with the remainder available for lease-up. The first floor includes 1,737 square feet of retail space currently leased to Chabad of River North & Fulton Market, and an additional 4,527 square feet of vacant retail space. Five of the six upper floors are vacant, except for one floor leased to World Vision through mid-2030. An additional 20,667 square feet is currently leased on short-term month-to-month agreements. Situated on a 0.17-acre lot with 72 feet of frontage on Superior Street, the property benefits from its prime location, offering exceptional access to public transportation, including the CTA Brown/Purple Line 'L' station (a 4-minute walk), bus routes #37 and #66, and a Divvy bike station. The surrounding area boasts a strong demographic profile, with an average household income of $148,000 and a median home value of nearly $468,000 within a one-mile radius. The property's zoning is DX-5. This presents an ideal opportunity for an owner-user or value-add investor seeking to capitalize on the thriving River North market. The asking price is $5,445,000.

Location Insight

City

Chicago

County

Cook

State

Illinois

Longitude

-87.639

Latitude

41.8953