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$2,310,000
Est. payment /mo
259,000 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Office/Tech
Listing Status Active
Purchase Type For Sale
Square Footage 259,000 sqft
Price per Sqft $8
MLS Listing ID 12294330
Year Built 1922
Annual Tax Amount $31,715
Tax Year 2022
Property Sub-Type Office/Tech
Property Description
Don't miss this investment opportunity in the iconic and historic Garland building. This is a great 1031 exchange opportunity. The portfolio consists of 2 units that are diversified under 2 separate leases/tenants. This is an armchair investment with maintenance taken care of by the HOA and by the tenants. The portfolio is positioned to trade at a 6.73 cap rate at the list price. With predetermined rent escalations built into the leases the return will increase over time. The tenants are well established medical businesses with significant lease term remaining. One of the tenants is a credit tenant with a lease in place until 2034 and options to extend. This is a premier location in the heart of Chicago's Loop. Close to everything including Michigan Avenue, restaurants, retail, Millenium Park and the lakefront. There is valet parking available. Call for a copy of the rent roll. See MLS #11955198 for Units 810, 2102, 2103 or MLS #11954596 for Units 810, 2102, 2103, 1114 and 1116 combined.
Location
State IL
County Cook
Area Chi - Loop
Interior
Cooling Central Air
Fireplace N
Building
Dwelling Type Office/Tech
Level or Stories 22
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Listed by Charles Kirkwood • Coldwell Banker Real Estate Group