1335 Taylor StChicago, IL 60607

This exceptional mixed-use property in Chicago's vibrant Taylor Street corridor presents a compelling investment opportunity. The 7,220 square foot building, constructed in 2019, boasts a prime location between the Illinois Medical District and the University of Illinois Chicago. The ground floor is occupied by a national tenant, Insomnia Cookies, under a net lease with a remaining term of 8.5 years (expiring 05/31/2033), ensuring stable, long-term cash flow. Above, three 4-bedroom, 2-bathroom luxury apartments command 100% occupancy, featuring modern amenities like in-unit laundry, granite countertops, individual HVAC systems, and private balconies. The property offers significant value-add potential through rent increases aligned with current market rates, rooftop deck development, and basement storage monetization. The current NOI is $163,750, with a pro-forma NOI of $173,855, yielding a 6.30% cap rate and a pro-forma cap rate of 6.69%. Annual rent bumps are set at 3%. The property benefits from a low expense ratio, with Insomnia Cookies covering 50% of property taxes and building insurance. This Class A asset, zoned B3-3, presents a turnkey investment with strong potential for appreciation, driven by the area's robust economic activity, including the proximity to major hospitals and the University of Illinois Chicago, which has a large student population with limited on-campus housing. The asking price is $2,599,000, or $649,750 per unit, and lease options are available. The property features one four-story building.