15 Racine Ave Chicago, IL 60607

Property Details for 15 Racine Ave

Property type

Office Properties & Spaces

APN

17-17-201-047-1002

APU

17172010471002

Description

This exceptional investment opportunity presents a 1,150 square foot executive office suite located at 15 S Racine Ave, Chicago, IL 60607. The property, built in 2009, is currently 100% occupied under a gross lease with a single tenant, offering a stabilized investment with a 5.64% cap rate and a Net Operating Income (NOI) of $22,548. The asking price is $400,000, with a price per square foot of $347.83. The lease expires on July 31, 2024. This is a single-unit property with a retail and office designation. A unique financing opportunity is available: $100,000 down payment with $300,000 seller-financed at 0% interest for 30 months. After the 30-month period, the remaining balance will be approximately $244,500, and financing will continue at 6% interest. The seller will continue property management, eliminating landlord responsibilities. The tenant pays all utilities, which are separately metered. The property benefits from its location in the ultra-prime West Loop, just south of the Madison/Racine intersection. A long-term tenant (11+ years) occupies the space. Similar properties are available in the West Loop, Wicker Park, and Lakeview neighborhoods.

Location Insight

City

Chicago

County

Cook

State

Illinois

Longitude

-87.6568

Latitude

41.8811

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments