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111 N Wabash Ave - Medical Office Investment 4,034 - 9,040 SF Condo Units Offered at $1,535,512 - $4,760,087 CAD Per Unit in Chicago, IL 60602
INVESTMENT HIGHLIGHTS
- Investment Opportunity - 6.73% Cap at List Price
- Solid Medical Tenants
- Extensive Lease Term Remaining
- Arm Chair Investment with Minimal Owner Involvement
EXECUTIVE SUMMARY
Don't miss this portfolio investment opportunity in the iconic and historic Garland building. This is a great 1031 exchange opportunity. The portfolio consists of 5 units that are diversified under 4 separate leases/tenants. This is an armchair investment with maintenance taken care of by the HOA and by the tenants. The portfolio is positioned to trade at a 6.73 cap rate at the list price. With predetermined rent escalations built into the leases the return will increase over time. The tenants are all well established medical businesses with significant lease term remaining. One significant tenant is a credit tenant with a lease in place until 2034 and options to extend. This is a premier location in the heart of Chicago's Loop. Close to everything including Michigan Avenue, restaurants, retail, Millenium Park and the lakefront. There is valet parking available for a fee. Call for a copy of the rent roll. Units 810, 2102 and 2103 can be purcahsed independently for 1,190,000. Units 1114 - 1116 can be purchase independently for for 2,310,000.
PROPERTY FACTS
| Total Building Size | 259,000 SF | Floors | 22 |
| Property Type | Office | Typical Floor Size | 11,773 SF |
| Property Subtype | Medical | Year Built | 1919 |
| Building Class | B | Lot Size | 0.36 AC |
| Zoning | DX-16 - Downtown Mixed-Use District | ||
| Total Building Size | 259,000 SF |
| Property Type | Office |
| Property Subtype | Medical |
| Building Class | B |
| Floors | 22 |
| Typical Floor Size | 11,773 SF |
| Year Built | 1919 |
| Lot Size | 0.36 AC |
| Zoning | DX-16 - Downtown Mixed-Use District |
AMENITIES
- 24 Hour Access
- Conferencing Facility
- Convenience Store
- Property Manager on Site
- Signage
- Wheelchair Accessible
- Reception
- Air Conditioning
3 UNITS AVAILABLE
Unit 810, 2102, 2103
| Unit Size | 5,006 SF | Condo Use | Office |
| Price | $1,535,512 CAD | Sale Type | Investment |
| Price Per SF | $306.73 CAD |
| Unit Size | 5,006 SF |
| Price | $1,535,512 CAD |
| Price Per SF | $306.73 CAD |
| Condo Use | Office |
| Sale Type | Investment |
DESCRIPTION
Don't miss this 100% leased investment opportunity in the iconic and historic Garland building. This is a great 1031 exchange opportunity. The portfolio consists of 3 units that are diversified under 2 separate leases/tenants. This is an armchair investment with maintenance taken care of by the HOA and by the tenants. The portfolio is positioned to trade at a 7.27% cap rate at the list price. With predetermined rent escalations built into the leases the return will increase over time. The tenants are well established dentistry professionals with significant lease term remaining. One of the tenants has a lease in place until 2033 and the other is in place until 2028. Both leases feature options to extend. This is a premier location in the heart of Chicago's Loop. Close to everything including Michigan Avenue, restaurants, retail, Millenium Park and the lakefront. There is valet parking available for a fee. Call for a copy of the rent roll. Units 1114-1116 also available for 2,310,000 or purchase the whole portfolio for 3,410,000.
Unit 1114, 1116
| Unit Size | 4,034 SF | Sale Type | Investment |
| Price | $3,224,575 CAD | Cap Rate | 7.34% |
| Price Per SF | $799.35 CAD | NOI | $236,683.83 CAD |
| Condo Use | Office |
| Unit Size | 4,034 SF |
| Price | $3,224,575 CAD |
| Price Per SF | $799.35 CAD |
| Condo Use | Office |
| Sale Type | Investment |
| Cap Rate | 7.34% |
| NOI | $236,683.83 CAD |
SALE NOTES
Don't miss this investment opportunity in the iconic and historic Garland building. This is a great 1031 exchange opportunity. The portfolio consists of 2 units that are diversified under 2 separate leases/tenants. This is an armchair investment with maintenance taken care of by the HOA and by the tenants. The portfolio is positioned to trade at a 7.34% cap rate at the list price. With predetermined rent escalations built into the leases the return will increase over time. The tenants are well established medical businesses with significant lease term remaining. One of the tenants is a credit tenant with a lease in place until 2034 and options to extend. This is a premier location in the heart of Chicago's Loop. Close to everything including Michigan Avenue, restaurants, retail, Millenium Park and the lakefront. There is valet parking available for a fee. Call for a copy of the rent roll. See MLS #11955198 for Units 810, 2102, 2103 or MLS #11954596 for Units 810, 2102, 2103, 1114 and 1116 combined.
Unit 2202-2203
| Unit Size | 9,040 SF | Sale Type | Investment |
| Price | $4,760,087 CAD | Cap Rate | 6.91% |
| Price Per SF | $526.56 CAD | NOI | $328,808.97 CAD |
| Condo Use | Office/Medical | APN/Parcel ID | 17-10-309-016-1034, 17-10-309-016-1160, 17-10-309-016-1161, 17-10-309-016-1063, 17-10-309-016-1064 |
| Unit Size | 9,040 SF |
| Price | $4,760,087 CAD |
| Price Per SF | $526.56 CAD |
| Condo Use | Office/Medical |
| Sale Type | Investment |
| Cap Rate | 6.91% |
| NOI | $328,808.97 CAD |
| APN/Parcel ID | 17-10-309-016-1034, 17-10-309-016-1160, 17-10-309-016-1161, 17-10-309-016-1063, 17-10-309-016-1064 |
DESCRIPTION
Investmert opportunity with 5 medical office units under 4 separate leases.
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111 N Wabash Ave - Medical Office Investment
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