55 Erie StChicago, IL 60611

Property Details for 55 Erie St

Year built

1996

Lot size

0.61 AC

Property type

Office properties

APN

17-10-112-011-1619

APU

17101120111619

Description

This exceptional Class A office building presents a compelling investment opportunity. Located at 55 E Erie St, Chicago, IL 60611, this single-tenant, 3,979 square foot property boasts a 7.05% cap rate and a strong corporate guarantee from Compass Real Estate Agency. The current lease, commencing June 1, 2024, and expiring May 31, 2031, offers a substantial 6.5 years of remaining lease term with two 5-year renewal options. Annual rent increases of 3% are built into the lease agreement, ensuring consistent income growth. The property sits on a 0.61-acre lot and includes 6 parking spaces. Built in 1996 and renovated in 2024, the building is zoned DX-12 and offers a Net Net (NN) lease structure. The property's strong financial performance is reflected in its $3,000,000 asking price, translating to $753.96 per square foot and a Net Operating Income (NOI) of $211,600. Its prime downtown Chicago location, near major transportation, cultural attractions, and educational institutions, ensures high visibility and strong tenant demand. The property's proximity to the Magnificent Mile, Millennium Park, and numerous public transportation options further enhances its desirability. The high traffic volume on East Erie Street, estimated at 5,000 to 20,000 vehicles daily, contributes to the property's excellent visibility and accessibility. This is a rare opportunity to acquire a stable, high-performing investment in a coveted Chicago location.

• CAP approach

  CAP return

  Valuation

  6%

  $8,590,903

  6.5%

  $7,930,064

  7%

  $7,363,631

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,481,843

  Geo Method

  $3,481,843

• Alternative Use

  Use

  Valuation

  Residential

  $9,833,280

  Hospitality

  $9,007,231

  Educational

  $7,493,910

  Medical

  $7,751,638

  Retail

  $11,657,194

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.8939

Longitude

-87.626

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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