1530 S State St
Chicago, IL 60605
Dearborn Tower · Multifamily Property For Sale · 400 Units

SVN Chicago Commercial is pleased to bring to market a multi-tenant office, retail and communications commercial property investment offering for sale in the luxury residential condo building known as Dearborn Tower, located in the heart of Chicago's booming South Loop neighborhood. This approx. 11,000 SF property is comprised of approx. 9700 SF of 2nd floor office space, an additional two service retail spaces totaling approx 1,000 SF, communications risers and roof rights with leases from antenna & satellite TV providers as well as an internet license with the Dearborn Tower condo association. Additional space utilized for commercial tenant parking in the basement of the parking garage is also included in the offering. The 2nd floor office portion of the property is on a long term lease with Perspectives Charter Schools, one of Chicago's most prominent charter school organizations. The remaining tenant roster is comprised of a dry cleaner, a non-for profit group, the condo association, which leases rooftop & basement space for internet services to its residences, and two communications companies providing both satellite and internet services to the building's residences. The leases include annual escalations and there is partial real estate tax recovery from Perspectives Charter School. This investment has a scheduled NOI of $159,170 and is being offered at a CAP rate of 7.58%. 16 deeded parking spaces are also available for purchase at an additional cost. The South Loop is one of the fastest growing neighborhoods in Chicago and in recent years there has been significant development in the area. The South Loop is located south of Chicago’s loop and is close to a number of City attractions including Solider Field, Grant Park, McCormick Place, Columbia College, School of the Art Institute, Alder Planetarium, Field Museum and Shedd Aquarium. The South Loop has great access to transportation with the CTA’s Blue, Red, Green and Orange Lines, many CTA bus routes, the Dan Ryan (I-90/94), Stevenson Expressway (I-55) and Lake Shore Drive (Route 41).