Multi-tenant retail/office commercial property investment offering for sale in the luxury residential condo building Park Place Towers, located in the heart of Chicago's pre-eminent Lakeview neighborhood. This approx. 14,865 SF property is comprised of approx. 6,150 SF of ground floor retail space, and approx. 8,715 SF of second floor office space. Projected 2017 annual NOI is $275,058. The retail portion of the property is comprised of 5 long-term tenants with a mix of gross and triple net leases in place. The office condo is 8,437 SF with 6 tenants with a mix of gross and triple net leases. The tenant roster is comprised of service retail (grocery store, dry cleaner, fitness, etc) a variety of professional & medical office spaces and is
anchored by one of the largest residential developers and apt owners in the US. All leases include annual escalations. This investment is being offered at a CAP rate of approx. 6.1%. Parking is also available for purchase.
Full Property Details
Full Property Detailsfor 655 West Irving Park Road
Sold For: $4,128,000
Taxes: $76,370 (2015)
MLS ID: 09396218
Added: 571 day(s) ago
Garage Spaces: 19-30
Garage Description: 19-30 Spaces
Driving Directions: North on Lakeshore. East on Irving Park Road.
Heating & Cooling
Cooling Type: Central Individual
Heating Type: Central Heat/Individual Controls
Current Bldg. Use: Commercial
Year Built: 1970
Tax Amount: $76,370.2
Tax Year: 2015
Listed by Sperry Van Ness Sold by RE/MAX of Naperville
655 West Irving Park Road, Chicago, IL 60613 (MLS# 09396218) is a
Commercial property that was sold at $4,128,000 on May 31, 2017.
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Lease with a Right to Purchase
A new affordable option from Home Partners of America. They buy the home, you lease it for 1-5 years with a right to purchase.