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DESCRIPTION

Absolutely magnificent opportunity to own a 51 unit apartment building/hotel in the heart of the West Loop Gate. This was an office suites building that has been completely taken down to the brick, Timber Loft Building. Special attention has been accounted for, a completely furnished with warm modern feel as a class A Building. The building will be completely occupied by Sonder Hospitality mid to late February, 2023. The lease runs for 10 years with 2, 5-year options. 3% increases in rent year to year, compounding and perpetual. Unbelievable piece of property and exceptional lease with thriving multi national Hospitality Company, Sonder.

KEY DETAILS
  • Price:
  • $18,681,854
  • Bedrooms:
  • 4
  • Square Footage:
  • n/a
  • Acreage:
  • n/a
  • Year Built:
  • 1955
  • MLS #:
  • MRD11677156
  • Street Address:
  • 555 Jackson Blvd
  • City:
  • Chicago
  • State:
  • IL
  • Postal Code:
  • 60661
  • County:
  • Cook
  • Area:
  • Confidential Commercial Listings
  • Listing Status:
  • For Sale - Active

Building

  • Stories:
  • 7
  • Year Built:
  • 1955

Business

  • Annual Electric Expenses:
  • 41000
  • Annual Insurance Expenses:
  • 40000
  • Annual Trash Expenses:
  • 12000
  • Annual Water/Sewer Expenses:
  • 20000
  • Estimated Potential Income:
  • 112868
  • Gross Income:
  • 1098000
  • Net Operating Income:
  • 1024462
  • Operating Expense:
  • 329954

Listing

  • Days On Market:
  • 6
  • Originating Mls:
  • Mred

Money

  • Property Taxes:
  • $209,237
  • Tax Year:
  • 2021

Structures

  • Parking Spaces:
  • 16

Units

  • Unit 1 Total Bathrooms:
  • 1
  • Unit 1 Total Bedrooms:
  • 1
  • Unit 1 Type:
  • Unit 1
  • Unit 2 Total Bathrooms:
  • 1
  • Unit 2 Total Bedrooms:
  • 1
  • Unit 2 Type:
  • Unit 2
  • Unit 3 Total Bathrooms:
  • 1
  • Unit 3 Total Bedrooms:
  • 2
  • Unit 3 Type:
  • Unit 3
  • Unit 4 Type:
  • Unit 4
  • Unit 5 Type:
  • Unit 5
  • Unit 6 Type:
  • Unit 6
  • Unit 7 Type:
  • Unit 7

Source

  • Listing Provided By: Michael Wencel with One Chicago Realty

    ILMRED
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