Vacant-User
Vacant Class A Movie Theater | 65k SF | Renovated in 2015
210 W 87th St, Chicago, IL 60620
Starting Bid: $500,000
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.
Vacant Class A Movie Theater | 65k SF | Renovated in 2015
Investment Highlights
- Attractive, High-End Movie Theater Building with Compelling Residual Uses
- Receivership Sale – Motivated Seller Who Will Meet the Market
- Well-Located in a Dense Retail Corridor, Adjacent to Home Depot, ALDI, and Lowe's
- Dense Demographics Surround the Property, Proximate to the 87th Street Exit Ramp Off I-94
- Compelling Entry Basis - Starting Bid of $500,000
- Achievable Multi-Million-Dollar Profit, Even After Calculating Base Case Repositioning Assumptions
- Potential for an End User to be an Owner Occupant of Their Own Real Estate
Exclusively Listed By
Vacant-User
Vacant Class A Movie Theater | 65k SF | Renovated in 2015
Starting Bid: $500,000
Investment Highlights
- Attractive, High-End Movie Theater Building with Compelling Residual Uses
- Receivership Sale – Motivated Seller Who Will Meet the Market
- Well-Located in a Dense Retail Corridor, Adjacent to Home Depot, ALDI, and Lowe's
- Dense Demographics Surround the Property, Proximate to the 87th Street Exit Ramp Off I-94
- Compelling Entry Basis - Starting Bid of $500,000
- Achievable Multi-Million-Dollar Profit, Even After Calculating Base Case Repositioning Assumptions
- Potential for an End User to be an Owner Occupant of Their Own Real Estate
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.
Exclusively Listed By
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