Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in a vacant movie theater building in the Chatham neighborhood of Chicago. This is a 65,000-square-foot, high-end movie theater located next door to Home Depot, Lowe’s and ALDI within one of the most dynamic retail nodes in the city of Chicago. Offered for sale via auction on Crexi, the property will trade for less than a fifth of replacement cost. This represents a compelling opportunity for value-add and opportunistic real estate professionals. Even after factoring in conservative landlord work, tenant improvement allowances, soft costs, carrying costs, and leasing commissions, a new owner’s basis will be far below the stabilized value. Given a goal of re-tenanting this building at a market rent for a typical entertainment tenant, one can achieve significant profits upon exiting this investment. Additionally, as more end users have found value in owning their own real estate, this is also an opportunity well suited to that buyer type, in which they can create their own vision for the building and customize it around their own business model.