467 31st St Chicago, IL 60616

This exceptional investment opportunity presents a 26,704 square foot, single-tenant medical office building located at 467 E 31st St, Chicago, IL 60616. The property, built in 1965 and extensively renovated in 2024, boasts a 100% occupancy rate with a net lease to Cook County Health, a credit-rated tenant with an A1/A+ rating. The lease commenced July 1, 2023, and expires June 30, 2033, with two five-year renewal options. The current annual net operating income (NOI) is $766,405, representing a 6.10% cap rate on the $12,564,000 asking price. Rent increases are 2.50% annually. The building features 44 exam rooms and serves as a family medicine, behavioral health, and rehabilitation center. Cook County Health, one of the largest public health systems in the US, has invested $10 million in the facility. The 2.57-acre lot is strategically located in Chicago's revitalized Bronzeville neighborhood, adjacent to the $3.8 billion Bronzeville Lakefront development and within a high-density residential area with over 10,000 multi-family units within a one-mile radius. The property's proximity to the Lake Meadows shopping center (3 million annual visitors) further enhances its desirability. This investment-grade property offers a compelling combination of strong tenant credit, significant rent growth potential, and a prime location within a rapidly developing area.