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Office Property For Sale

North Center timber loft office building

2015 W Irving Park Road, Chicago, IL 60618

Price:
$3,820,000
Building Size:
19,150 SF
Price/SF:
$199.48
Property Type:
Office
Property Sub-type:
Office Building
Additional Sub-types:
Office-R&D
Street Retail
Property Use Type:
Net Lease Investment with 3 years left on lease
Cap Rate:
8.30%
Occupancy:
55%
No. Stories:
2
Building Class:
C
Tenancy:
Multiple
Year Built:
1947
Lot Size:
15,500 SF
Tax ID / APN #:
14-19-107-001-0000
Parking Ratio:
0.70 / 1,000 SF
Find Out More...

Last Verified 11/2/2009 Listing ID 16222441

Highlights

Long-term leases with credit tenants
Fully built-out office spaces for high density tenants such as call center, mortgage office, architecture firm or technology company.

On-site garage parking

Description

This building is a recently rehabbed two-story loft building with approx. 20,000 rentable square feet on the 2 levels plus an attached garage with 18 parking spaces. Most of the 1st floor plus about 1/3 of the 2nd floor is rented on long-term leases to Plass Appliances and Coldwell Banker Residential Real Estate. There is an additional 8,600 SF that is available for lease. This space is fully built-out and ready for immediate occupancy for a high density tenant such as a call center, mortgage office, architecture/design firm or technology company.

High visibility corner at Irving Park Road and Seeley, just west of the 6-way intersection of Lincoln, Damen and Irving Park in high-traffic location in North Center. This site has outstanding access to all major transportation modes; CTA bus lines on Irving Park Road and Damen Avenue pass this site, it is 2 blocks to the Irving Park Brown line subway station, 1.2 miles to the Ravenswood Metra station and 2 miles to both Lake Shore Drive and the Kennedy Expressway.

Financial Summary

Major Tenant Information

Proforma
Year
2009
Scheduled Gross Income
$477,000
Effective Gross Income
$430,000
Operating Expenses
$113,000
Net Operating Income
$317,000
Pre-Tax Cash Flow
$74,000

Tenant	SF Occupied	Lease Expired
Plass Appliances	4,900	9/1/2025
Coldwell Banker	6,200	8/1/2012

Map of 2015 W Irving Park Road, Chicago, IL 60618 (Cook County)

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Created 5/5/2009

Additional Information for 2015 W Irving Park Road, Chicago, IL 60618

Active For Sale - 1 Listing
Active For Lease - 1 Listing
Previously Listed - 7 Historic Listings
Sales Comparables Available - 0 RecentSales Record

View additional information for the property view other currently active listings, previous listings, sales comparables, public records, and county records data for this address.

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The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

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Office Property For Sale - North Center timber loft office building

2015 W Irving Park Road, Chicago, IL, 60618