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Urban-High Street

Core Urban Chicago | West Division

5-9 W Division St, Chicago, IL 60610

Listing Price: $6,056,000

Cap Rate
6.05%
Gross SF
11,500
Rentable SF
11,500
Price/Gross SF
$526.61
Lot Size
0.09 acres
Year Built
1974

Investment Overview

Marcus & Millichap is pleased to present a three-tenant core urban retail property located in downtown Chicago on West Division. It is a three-story building that is 100% leased. There are attractive lease terms for all tenants including recent extensions and healthy annual rent increases. This property comes with future redevelopment opportunities being DX-7 Zoned with air rights included, giving the ability to use and develop the space above. Subject property recently underwent over $900,000 in extensive renovations by the landlord and additional renovations by tenants. Renovations include new electric service for the building, structural repairs, HVAC renovations, remodeling, cosmetic updates, and more. Eight new (2019+) apartment buildings, ranging from 930,000-50,000 square feet, have been built within walking distance of subject property. It is situated 500 feet from a proposed apartment building with 275 units. It is also conveniently situated two blocks from the CTA Red Line Clark/Division Train Station with an annual ridership exceeding 2.5 million. The surrounding area is demographically attractive and dense, with over 85,000 people living within one mile, and an average household income exceeding $166,000.

Investment Highlights

  • 100% Occupied, Three-Story Multi-Tenant Building
  • Future Redevelopment Opportunity | DX-7 Zoned with Air Rights Included | Ability to Use and Develop the Space Above Without Interference from Other Parties
  • Over $900,000 in Extensive Renovations by Landlord, Plus Additional Renovations by the Tenants
  • Ideally Situated in the Near North Side Neighborhood of Chicago, Directly North of Downtown Chicago
  • Eight New (2019+) Apartment Buildings have been Built Within Walking Distance of the Subject Property | Ranging from 930,000 to 50,000 Square Feet
  • Two Blocks from the CTA Red Line Clark/Division Train Station | 2,585,408 Annual Ridership
  • Dense, Affluent Area | 83,537 People Live Within One Mile of Subject Property with an Average Household Income of $166,782
  • Extremely High Daytime and Nighttime Foot Traffic | Walk Score of 99, a "Walker's Paradise" (WalkScore.com)

Exclusively Listed By

  • Kyle A. Stengle

    Senior Managing Director Investments

    (312) 327-5455

    Email Kyle

    License(s): IL: 475.138461

    Chicago Downtown

  • Austin Weisenbeck

    Senior Managing Director Investments

    (630) 570-2169

    Email Austin

    License(s): IL: 475.140200

    Chicago Oak Brook

  • Sean R. Sharko

    Senior Managing Director Investments

    (630) 570-2238

    Email Sean

    License(s): IL: 471.010712

    Chicago Oak Brook

Financing By

Urban-High Street

Core Urban Chicago | West Division

Listing Price: $6,056,000

Cap Rate
6.05%
Gross SF
11,500
Rentable SF
11,500
Price/Gross SF
$526.61
Lot Size
0.09 acres
Year Built
1974

Investment Highlights

  • 100% Occupied, Three-Story Multi-Tenant Building
  • Future Redevelopment Opportunity | DX-7 Zoned with Air Rights Included | Ability to Use and Develop the Space Above Without Interference from Other Parties
  • Over $900,000 in Extensive Renovations by Landlord, Plus Additional Renovations by the Tenants
  • Ideally Situated in the Near North Side Neighborhood of Chicago, Directly North of Downtown Chicago
  • Eight New (2019+) Apartment Buildings have been Built Within Walking Distance of the Subject Property | Ranging from 930,000 to 50,000 Square Feet
  • Two Blocks from the CTA Red Line Clark/Division Train Station | 2,585,408 Annual Ridership
  • Dense, Affluent Area | 83,537 People Live Within One Mile of Subject Property with an Average Household Income of $166,782
  • Extremely High Daytime and Nighttime Foot Traffic | Walk Score of 99, a "Walker's Paradise" (WalkScore.com)

Investment Overview

Marcus & Millichap is pleased to present a three-tenant core urban retail property located in downtown Chicago on West Division. It is a three-story building that is 100% leased. There are attractive lease terms for all tenants including recent extensions and healthy annual rent increases. This property comes with future redevelopment opportunities being DX-7 Zoned with air rights included, giving the ability to use and develop the space above. Subject property recently underwent over $900,000 in extensive renovations by the landlord and additional renovations by tenants. Renovations include new electric service for the building, structural repairs, HVAC renovations, remodeling, cosmetic updates, and more. Eight new (2019+) apartment buildings, ranging from 930,000-50,000 square feet, have been built within walking distance of subject property. It is situated 500 feet from a proposed apartment building with 275 units. It is also conveniently situated two blocks from the CTA Red Line Clark/Division Train Station with an annual ridership exceeding 2.5 million. The surrounding area is demographically attractive and dense, with over 85,000 people living within one mile, and an average household income exceeding $166,000.

Exclusively Listed By

  • Kyle A. Stengle

    Senior Managing Director Investments

    (312) 327-5455

    Email Kyle

    License(s): IL: 475.138461

    Chicago Downtown

  • Austin Weisenbeck

    Senior Managing Director Investments

    (630) 570-2169

    Email Austin

    License(s): IL: 475.140200

    Chicago Oak Brook

  • Sean R. Sharko

    Senior Managing Director Investments

    (630) 570-2238

    Email Sean

    License(s): IL: 471.010712

    Chicago Oak Brook

Financing By

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