875 N Rush St Chicago, IL 60611
- Retail space
- 0.17 lot acres
Current Use by Public Records
- Longevity Medical Spa / Medical Spa
- Peachy Gold Coast / Skin Care Clinic
- Bella Bianca Bridal Couture / Bridal Shop / Dress Store
- Damen Michael MD / Doctor
- Caleel Richard T MD / Doctor
Property Details for 875 N Rush St
- Year built
- 1997
- Lot size
- 0.17 lot acres
- Property type
- Retail space
- Property subtype
- Storefront properties
- APN
- 17-03-217-014
- APU
- 1703217014
Description
This exceptional investment opportunity presents three Class A mixed-use properties totaling 42,358 square feet in Chicago's coveted Gold Coast neighborhood. The portfolio boasts 92% occupancy with a diverse tenant mix including high-profile national brands and investment-grade tenants such as Chase, PNC, and LensCrafters. These premier corner locations, situated at 875 N Rush St, 902 N State St, and 1139 N State St, are housed in three buildings constructed between 2000 and 2019. The portfolio benefits from a weighted average lease term (WALT) of 5.7 years, with 84% of in-place revenue derived from national tenants. Secure and accretive cash flow is projected, with a 6.2% compound annual growth rate (CAGR) over five years, factoring in the lease-up of the remaining 8% vacancy. The portfolio's average in-place rent is $95.62 per square foot (PSF), significantly below recent first-floor deals averaging $428.72 PSF, presenting substantial mark-to-market potential. This generational buying opportunity offers a discount to recent comparable sales, averaging $2,405 PSF and a 4.4% capitalization rate. The Gold Coast's exceptional location, strong market demand, and high-quality tenant base make this a compelling investment. The portfolio comprises 11 units across three buildings, offering a diverse and resilient income stream. Recent notable leases include luxury brands such as Cartier, Balenciaga, Bottega Veneta, Montblanc, On Running, The RealReal, Loewe, and Burdeen's, further solidifying the portfolio's strength and potential for future growth. This is a rare opportunity to acquire a scaled portfolio of trophy assets in one of the nation's most desirable retail submarkets.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6262
- Latitude
- 41.8989
- CBSA code
- 16980
- CBSA name
- CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
