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Office

Social Security Administration (Value-Add Single Tenant Office)

4631 S Ashland Ave, Chicago, IL 60609

Listing Price: $1,600,000

Cap Rate
11.16%
Gross SF
9,400
Rentable SF
9,400
Price/Gross SF
$170.21
Lot Size
0.52 acres
Year Built
1998

Investment Overview

Marcus & Millichap is pleased to present for purchase this single tenant value-add office property located in Chicago, Illinois currently occupied by Social Security Administration (SSA). The subject property is situated on 0.52 acres along Ashland Avenue in the New City neighborhood of Chicago. This office is the only SSA location in a 20 minute radius. This 9,400 rentable square foot building was a build to suit for SSA in 1998. The property is located in the New City neighborhood near the South Side district just seven miles from the Loop, Chicago’s central business district downtown. The area has strong demographics with over 800,000 people living in a five-mile radius. The property sits just off of West 47th Street and is less than two miles off of Interstate 90, a major highway that runs through the Chicago Skyway past O’Hare International Airport and two miles from Interstate 55, a major highway that ends in Chicago. The property is also just five miles away from Chicago Midway International Airport, the second largest airport in Chicago, which saw over 22 million passengers in 2018. It’s also three miles from Guaranteed Rate Field, home stadium of the Major League Baseball team Chicago White Sox. The property is in a dense residential, retail, and industrial area with multiple shipping hubs due to its proximity to Midway airport. The property sits near multiple public parks and is just three miles from Washington Park, a 372 acre community park and public space adjacent to the University of Chicago’s main campus. The New City area of Chicago was home to the famous Union Stock Yards, a meatpacking district in Chicago’s South Side for over a century.

Investment Highlights

  • Value-Add Reposition Deal: Once Re-Let, Yields 34.67 Percent Cash-On-Cash Return by Late 2023
  • Located in New City Neighborhood Near the South Side District and Less Than Two Miles from I-90 (300,000 Vehicles Per Day)
  • Situated Just Seven Miles from the Loop, Chicago's CBD Downtown and Five Miles from Midway International Airport (MDW)
  • Surrounded by Aldi, McDonald's, U.S. Postal Service, and Chase Bank Near Ashland Avenue (17,500 Vehicles Per Day)
  • Fenced Lot Offers 24 Parking Spaces on 0.52 Acre Directly Across from Aldi
  • Build-to-Suit for Social Security Administration in 1998

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2250

    License(s) IL: 471.011175

    Illinois

Office

Social Security Administration (Value-Add Single Tenant Office)

Listing Price: $1,600,000

Cap Rate
11.16%
Gross SF
9,400
Rentable SF
9,400
Price/Gross SF
$170.21
Lot Size
0.52 acres
Year Built
1998

Investment Highlights

  • Value-Add Reposition Deal: Once Re-Let, Yields 34.67 Percent Cash-On-Cash Return by Late 2023
  • Located in New City Neighborhood Near the South Side District and Less Than Two Miles from I-90 (300,000 Vehicles Per Day)
  • Situated Just Seven Miles from the Loop, Chicago's CBD Downtown and Five Miles from Midway International Airport (MDW)
  • Surrounded by Aldi, McDonald's, U.S. Postal Service, and Chase Bank Near Ashland Avenue (17,500 Vehicles Per Day)
  • Fenced Lot Offers 24 Parking Spaces on 0.52 Acre Directly Across from Aldi
  • Build-to-Suit for Social Security Administration in 1998

Investment Overview

Marcus & Millichap is pleased to present for purchase this single tenant value-add office property located in Chicago, Illinois currently occupied by Social Security Administration (SSA). The subject property is situated on 0.52 acres along Ashland Avenue in the New City neighborhood of Chicago. This office is the only SSA location in a 20 minute radius. This 9,400 rentable square foot building was a build to suit for SSA in 1998. The property is located in the New City neighborhood near the South Side district just seven miles from the Loop, Chicago’s central business district downtown. The area has strong demographics with over 800,000 people living in a five-mile radius. The property sits just off of West 47th Street and is less than two miles off of Interstate 90, a major highway that runs through the Chicago Skyway past O’Hare International Airport and two miles from Interstate 55, a major highway that ends in Chicago. The property is also just five miles away from Chicago Midway International Airport, the second largest airport in Chicago, which saw over 22 million passengers in 2018. It’s also three miles from Guaranteed Rate Field, home stadium of the Major League Baseball team Chicago White Sox. The property is in a dense residential, retail, and industrial area with multiple shipping hubs due to its proximity to Midway airport. The property sits near multiple public parks and is just three miles from Washington Park, a 372 acre community park and public space adjacent to the University of Chicago’s main campus. The New City area of Chicago was home to the famous Union Stock Yards, a meatpacking district in Chicago’s South Side for over a century.

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2250

    License(s): IL: 471.011175

    Illinois

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