For Sale
$1,250,000

55 Wacker DrChicago, IL 60601

Single-tenant, stabilized office building.

Overview

Added:
Dec 11, 2024
Days on market:
123
This exceptional investment opportunity presents a 4,754 square foot, Class B office condominium located at 55 W Wacker Drive, Suite 600-C, Chicago, IL 60601. Currently 100% occupied by Koo Architects, a thriving architecture, interior design, and urban planning firm, under a Net lease with a remaining term of approximately 1.9 years, expiring September 30, 2026, and featuring annual rent bumps of 2.25%. The property boasts a strong NOI of $107,389, yielding an 8.59% cap rate, and is offered at an asking price of $1,250,000. Lease options include one 5-year extension. The building benefits from an unparalleled location in the heart of downtown Chicago's Central Loop, directly on the Chicago Riverwalk, and within steps of multiple CTA "L" train stations and bus lines, resulting in perfect Walk and Transit scores. This prime location offers exceptional access to a dense daytime population of approximately 490,000 within a one-mile radius, with an average annual household income exceeding $152,000. The property's proximity to Google's newly acquired Thompson Center, a $280 million redevelopment project, promises further growth and increased value in the surrounding area. The property is free and clear of debt. APN: 17-09-423: 139, 140, 141, & 142.

Highlights

  • 4,754 SF Class B office condo at 55 W Wacker Dr, Suite 600-C, Chicago, IL 60601.
  • 100% occupied by Koo Architects under a Net lease with 1.9 years remaining (expiring 9/30/2026), including 2.25% annual rent bumps and a 5-year extension option.
  • Strong NOI of $107,389, 8.59% cap rate, asking price $1,250,000.
  • Prime Central Loop location on the Chicago Riverwalk, steps from multiple CTA stations; Walk Score and Transit Score of 100.
  • Exceptional demographics: 490,000 daytime population within 1 mile, average annual household income exceeding $152,000. Property is adjacent to Google's $280M Thompson Center redevelopment.

Property Details for 55 Wacker Dr

Property type
Office properties
Class
B

Location Insight

City
Chicago
County
Cook
State
Illinois
Latitude
41.8864753
Longitude
-87.6300102
55 Wacker Dr, Chicago, Illinois

FAQs

What type of property is this?
Office property - Single-tenant, stabilized office building.
Where is the office property located?
The property is located at 55 Wacker Dr Chicago, IL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 4,754 SF Class B office condo at 55 W Wacker Dr, Suite 600-C, Chicago, IL 60601.; 100% occupied by Koo Architects under a Net lease with 1.9 years remaining (expiring 9/30/2026), including 2.25% annual rent bumps and a 5-year extension option.; Strong NOI of $107,389, 8.59% cap rate, asking price $1,250,000.
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55 Wacker Dr
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