440 Randolph St Chicago, IL 60606

Property Details for 440 Randolph St

Year built

1997

Property size

27,639 SF

Property type

Retail properties

Property subtype

Bars

Description

This exceptional Class A retail property at 440 W Randolph St, Chicago, IL, presents a significant value-add opportunity. The fee-simple ownership includes 27,639 square feet of commercial space, currently housing a mix of tenants including a vacant 19,400 square foot former restaurant space. This prime location boasts frontage on Randolph and Canal Streets, just two blocks from Chicago Union Station, and is surrounded by numerous residential and office buildings. The property also includes 76 parking spaces with the potential to valet up to 90 cars. The existing layout offers significant potential for reconfiguration, including the possibility of creating direct Canal Street access from the vacant restaurant space. Built in 1997, this multi-tenant property features a vaulted ceiling in the central area extending to a mezzanine level. The current pro-forma NOI is $271,556, with an asking price of $3,650,000 ($143/sq ft). The property is zoned DC-16 and is part of a larger 341-unit residential building. This location offers unparalleled access to a high-density population of residents, office workers, and tourists, making it ideal for a variety of hospitality uses, including high-end restaurants, breweries, showrooms, or entertainment venues. The low acquisition cost and significant value-add potential make this a compelling investment opportunity in the heart of Chicago's Loop.

Location Insight

City

Chicago

County

Cook

State

Illinois

Longitude

-87.6394

Latitude

41.8846