111 N Wabash AVE #1114-1116 Chicago, IL 60602

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Park Place Realty Group LLC

info@parkplacerealtyllc.com +1(708) 722-5106

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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

Listed by Charles Kirkwood • Coldwell Banker Real Estate Group

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Park Place Realty Group LLC

Broker | License ID: 888222

+1(708) 722-5106