Shopping Neighborhood
Iconic Andersonville Retail
5228 N Clark St, Chicago, IL 60640
Listing Price: $4,010,000
Investment Overview
Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in 5228 N. Clark Street, located in the heart of Chicago’s Andersonville neighborhood. This is one of the most prominent buildings within this storied retail corridor, with 45 feet of frontage on Clark and a white tile façade featuring over-sized internally illuminated channel signage. 5228 N. Clark pops out from the surrounding buildings in a way that few retail buildings can rival.
The rent roll is highly stabilized, with just under seven years of weighted average lease term. 2nd Street commenced their 10-year lease in 2024 with 3 percent annual increases, while Gus Giordano Dance School, who has operated here for 15 years now, just extended for five years with 2.5 percent annual increases. Both tenants reimburse for real estate taxes, but 2nd Street operates on a fully triple-net lease in which they also reimburse for 70 percent of all operating expenses.
Straddling 6,534 square feet of land, the property actually occupies a little over a standard Chicago double lot, adding to the residual value of the real estate. The property is positioned at the three-way controlled
intersection where Farragut dead ends into Clark Street.
With nearly 75,000 people living within one mile of this property, area density is remarkable. Incomes hover around $100,000 per year. Young professionals have moved to Andersonville in significant numbers over the last decade, in large part attracted by the amenities offered by the unique retail offerings along Clark.
This is an exceptional opportunity to purchase a stabilized retail building within a top-tier Chicago trade area, with significant near- and mediumterm income growth built into the lease structures.
Iconic Andersonville Retail
Investment Highlights
- Iconic Andersonville Building and Location
- Long Weighted Average Lease Term of Nearly Seven Years with Significant Annual Rent Increases from Both Tenants
- Irreplaceable Positioning at the Three-Way Controlled Intersection in which Farragut Dead Ends into Clark Street
- Attractive Basis Well Below $300 per Rentable Square Foot, Primarily a Function of the Below Market Rents Paid by 2nd Street and Gus Giordano
- Gus Giordano Dance just Extended for Five Additional Years | They have been in Business for Over 70 Years and has Occupied this Location for Over 14 Years
- Going-In Cap Rate (Without the Vacancy Factor) of 8.2 Percent, with a Cash-on-Cash Return of Over 9 Percent
- Exceptional Demographics – Nearly 450,000 People Live within Three-Miles with Average Household Incomes Above $100,000
- Andersonville was Recently Recognized by Time Out Magazine as "the Coolest Neighborhood in the US"
Exclusively Listed By
Listing Price: $4,010,000
Investment Highlights
- Iconic Andersonville Building and Location
- Long Weighted Average Lease Term of Nearly Seven Years with Significant Annual Rent Increases from Both Tenants
- Irreplaceable Positioning at the Three-Way Controlled Intersection in which Farragut Dead Ends into Clark Street
- Attractive Basis Well Below $300 per Rentable Square Foot, Primarily a Function of the Below Market Rents Paid by 2nd Street and Gus Giordano
- Gus Giordano Dance just Extended for Five Additional Years | They have been in Business for Over 70 Years and has Occupied this Location for Over 14 Years
- Going-In Cap Rate (Without the Vacancy Factor) of 8.2 Percent, with a Cash-on-Cash Return of Over 9 Percent
- Exceptional Demographics – Nearly 450,000 People Live within Three-Miles with Average Household Incomes Above $100,000
- Andersonville was Recently Recognized by Time Out Magazine as "the Coolest Neighborhood in the US"
Investment Overview
Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in 5228 N. Clark Street, located in the heart of Chicago’s Andersonville neighborhood. This is one of the most prominent buildings within this storied retail corridor, with 45 feet of frontage on Clark and a white tile façade featuring over-sized internally illuminated channel signage. 5228 N. Clark pops out from the surrounding buildings in a way that few retail buildings can rival. The rent roll is highly stabilized, with just under seven years of weighted average lease term. 2nd Street commenced their 10-year lease in 2024 with 3 percent annual increases, while Gus Giordano Dance School, who has operated here for 15 years now, just extended for five years with 2.5 percent annual increases. Both tenants reimburse for real estate taxes, but 2nd Street operates on a fully triple-net lease in which they also reimburse for 70 percent of all operating expenses. Straddling 6,534 square feet of land, the property actually occupies a little over a standard Chicago double lot, adding to the residual value of the real estate. The property is positioned at the three-way controlled intersection where Farragut dead ends into Clark Street. With nearly 75,000 people living within one mile of this property, area density is remarkable. Incomes hover around $100,000 per year. Young professionals have moved to Andersonville in significant numbers over the last decade, in large part attracted by the amenities offered by the unique retail offerings along Clark. This is an exceptional opportunity to purchase a stabilized retail building within a top-tier Chicago trade area, with significant near- and mediumterm income growth built into the lease structures.
Exclusively Listed By
To view property details and documents, sign up for a free MyMMI account.
Explore exclusive listings, access research insights, and set up automated alerts for a personalized experience. Sign up now to elevate your property search.
