REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 3,410,000
Est. payment | /mo
259,000 SqFt
$ 3,410,000
Est. payment | /mo
259,000 SqFt
Key Details
Property Type Commercial
Sub Type Office/Tech
Listing Status Active
Purchase Type For Sale
Square Footage 259,000 sqft
Price per Sqft $13
MLS Listing ID 12294328
Year Built 1922
Annual Tax Amount $72,180
Tax Year 2022
Property Sub-Type Office/Tech
Property Description
Don't miss this portfolio investment opportunity in the iconic and historic Garland building. This is a great 1031 exchange opportunity. The portfolio consists of 5 units that are diversified under 4 separate leases/tenants. This is an armchair investment with maintenance taken care of by the HOA and by the tenants. The portfolio is positioned to trade at a 7.3 cap rate at the list price. With predetermined rent escalations built into the leases the return will increase over time. The tenants are all well established medical businesses with significant lease term remaining. One significant tenant is a credit tenant with a lease in place until 2034 and options to extend. This is a premier location in the heart of Chicago's Loop. Close to everything including Michigan Avenue, restaurants, retail, Millenium Park and the lakefront. There is valet parking available. Call for a copy of the rent roll. See MLS #11955091 for Units 1114-1116 or MLS #11955198 for Units 810, 2102 and 2103.
Location
State IL
County Cook
Interior
Cooling Central Air
Fireplace N
Exterior
View Y/N true
© 2025 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Charles Kirkwood • Coldwell Banker Real Estate Group
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
2600 S. Michigan Ave., STE 102, Chicago, IL, 60616, United States