Commercial Real Estate in Chicago available for sale
Chicago Lofts For Sale

Lofts for Sale in Chicago, IL, USA

More details for 1900 W Hubbard St, Chicago, IL - Flex for Sale

1900 W Hubbard St

Chicago, IL 60622

  • Loft
  • Flex for Sale
  • $3,955,258 CAD
  • 18,000 SF
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More details for 2323 N Milwaukee Ave, Chicago, IL - Retail for Sale

Revolution Brewing - 2323 N Milwaukee Ave

Chicago, IL 60647

  • Loft
  • Retail for Sale
  • $4,579,773 CAD
  • 12,500 SF
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More details for 565 W Randolph St, Chicago, IL - Office for Sale

565 W Randolph St

Chicago, IL 60661

  • Loft
  • Office for Sale
  • $15,612,862 CAD
  • 59,225 SF
  • Air Conditioning
  • 24 Hour Access
  • Controlled Access
  • Restaurant
  • Wheelchair Accessible
  • Smoke Detector

Chicago Office for Sale - West Loop

565 W. Randolph St offers investors a unique opportunity to acquire a prime asset in Chicago’s West Loop, a neighborhood celebrated for its dynamic blend of commercial and residential growth. This ±59,981 SF Class C office building, constructed in 1872, combines historical charm with modern functionality, featuring both a passenger elevator and a freight elevator. This asset provides immediate stable cash flow along with significant value-add potential through a strategic conversion plan. The property is currently 98% occupied, with nine tenants, including ground-floor anchors Proxi and Sepia—two Michelin-starred dining establishments that recently renewed their leases for another five years with additional renewal options. This established retail presence ensures strong income stability for investors. Key Conversion Opportunity: Office to Multifamily Apartments This asset presents a compelling opportunity for an office-to-residential conversion, allowing investors to capitalize on the increasing demand for multifamily units in the West Loop. The property offers a phased approach to conversion: 43,624 SF (72.8% of the building) can become available by the end of December 2024, providing the majority of the building for potential apartment conversion immediately after acquisition. An additional 1,642 SF (2.7% of the building) will become available between March and November 2026 as leases expire, offering further flexibility for phased redevelopment. The final 5,550 SF (9.2% of the building) will become available between January and April 2029 upon lease expirations, enabling investors to continue generating income from office leases while gradually converting spaces to residential use. Strategic Investment Potential This asset allows for a phased redevelopment strategy, maximizing cash flow while taking advantage of conversion opportunities as leases roll over. The property's prime location offers proximity to top-tier transportation, shopping, dining, and green spaces, making it highly attractive to prospective residential tenants. By converting the office floors to apartments, investors can tap into the strong rental market in the West Loop, while still benefiting from the stable income of long-term retail tenants. With strategic upgrades and a phased conversion plan, investors can elevate rental rates, attract premium residential tenants, and significantly enhance the property's value. The unique combination of historical architecture, Michelin-starred retail tenants, and conversion flexibility positions 565 W. Randolph St as a standout investment in one of Chicago’s most sought-after neighborhoods.

Contact:

Midwest Investment Advisors

Property Subtype:

Loft/Creative Space

Date on Market:

2024-12-23

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More details for 9122 S Kedzie Ave, Evergreen Park, IL - Office for Sale

9122 S Kedzie Ave

Evergreen Park, IL 60805

  • Loft
  • Office for Sale
  • $796,603 CAD
  • 4,073 SF
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More details for 1900 W Kinzie St, Chicago, IL - Flex for Sale

1900 W Kinzie St

Chicago, IL 60622

  • Loft
  • Flex for Sale
  • $11,033,089 CAD
  • 49,006 SF
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More details for 324-326 W Chicago Ave, Chicago, IL - Retail for Sale

324-26 W. Chicago Ave. - 324-326 W Chicago Ave

Chicago, IL 60654

  • Loft
  • Retail for Sale
  • $5,127,958 CAD
  • 12,500 SF
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More details for 216 S Jefferson St, Chicago, IL - Office for Sale

216 S Jefferson St

Chicago, IL 60661

  • Loft
  • Office for Sale
  • $623,127 - $692,517 CAD
  • 2,375 - 3,075 SF
  • 2 Units Available
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More details for 431 N Wolcott Ave, Chicago, IL - Office for Sale

431 N Wolcott Ave

Chicago, IL 60622

  • Loft
  • Office for Sale
  • $4,094,039 CAD
  • 28,442 SF
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More details for 3265 W Armitage Ave, Chicago, IL - Office for Sale

3265 W Armitage Ave , Chicago, IL 60647 - 3265 W Armitage Ave

Chicago, IL 60647

  • Loft
  • Office for Sale
  • $1,353,115 CAD
  • 4,600 SF
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More details for 1033 W Van Buren St, Chicago, IL - Office for Sale

1033 W Van Buren St

Chicago, IL 60607

  • Loft
  • Office for Sale
  • Price Upon Request
  • 86,401 SF
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More details for 328 N Albany Ave, Chicago, IL - Industrial for Sale

328 N Albany Ave

Chicago, IL 60612

  • Loft
  • Industrial for Sale
  • Price Upon Request
  • 38,217 SF
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More details for 1631-1639 W Carroll Ave, Chicago, IL - Flex for Sale

1631-1639 W Carroll Ave

Chicago, IL 60612

  • Loft
  • Flex for Sale
  • Price Upon Request
  • 22,816 SF
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More details for 100-140 S Ashland Ave Fee Simple – Retail for Sale, Chicago, IL

100-140 S Ashland Ave Fee Simple

  • Loft
  • Mixed Types for Sale
  • Price Upon Request
  • 11 Properties | Mixed Types
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More details for 1507-1509 S Michigan Ave, Chicago, IL - Retail for Sale

1507-1509 S Michigan Ave

Chicago, IL 60605

  • Loft
  • Retail for Sale
  • Price Upon Request
  • 25,000 SF
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More details for 2221 S Michigan Ave, Chicago, IL - Industrial for Sale

2221 S Michigan Ave

Chicago, IL 60616

  • Loft
  • Industrial for Sale
  • Price Upon Request
  • 33,500 SF
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More details for 1026 W Van Buren St, Chicago, IL - Office for Sale

1026 W Van Buren St

Chicago, IL 60607

  • Loft
  • Office for Sale
  • Price Upon Request
  • 25,371 SF
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