467 31St StChicago, IL 60616

Property Details for 467 31St St

Year built

1958

Lot size

2.48 AC

Property size (Sq ft)

34,000 SF

Property type

Retail properties

Property subtype

Retail space

APN

17-34-222-001

APU

1734222001

Description

This exceptional investment opportunity presents a 26,704 square foot, single-tenant medical office building located at 467 E 31st St, Chicago, IL 60616. The property, built in 1965 and extensively renovated in 2024, boasts a 100% occupancy rate with a net lease to Cook County Health, a credit-rated tenant with an A1/A+ rating. The lease commenced July 1, 2023, and expires June 30, 2033, with two five-year renewal options. The current annual net operating income (NOI) is $766,405, representing a 6.10% cap rate on the $12,564,000 asking price. Rent increases are 2.50% annually. The building features 44 exam rooms and serves as a family medicine, behavioral health, and rehabilitation center. Cook County Health, one of the largest public health systems in the US, has invested $10 million in the facility. The 2.57-acre lot is strategically located in Chicago's revitalized Bronzeville neighborhood, adjacent to the $3.8 billion Bronzeville Lakefront development and within a high-density residential area with over 10,000 multi-family units within a one-mile radius. The property's proximity to the Lake Meadows shopping center (3 million annual visitors) further enhances its desirability. This investment-grade property offers a compelling combination of strong tenant credit, significant rent growth potential, and a prime location within a rapidly developing area.

• CAP approach

  CAP return

  Valuation

  6%

  $16,062,148

  6.5%

  $14,826,598

  7%

  $13,767,555

• Comparable approach

  Method

  Valuation

  Relative Method

  $11,159,820

  Geo Method

  $11,159,820

• Alternative Use

  Use

  Valuation

  Residential

  $12,506,790

  Hospitality

  $11,456,152

  Educational

  $9,531,384

  Medical

  $9,859,183

  Retail

  $14,826,598

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.8381

Longitude

-87.6145

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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