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2416 S Pulaski Rd 6,155 SF 100% Leased Office Building Chicago, IL 60623 $730,000 ($118.60/SF) 9.22% Cap Rate
INVESTMENT HIGHLIGHTS
- U.S. Government credit (AA+ S&P credit rating)
- First Generation Lease
- Long-Term Tenant
- Build-to-Suit with New Roof & Parking Lot
- High-Quality and Well-Maintained Masonry Building
- Busy Facility in Dense, Urban Chicago Market
EXECUTIVE SUMMARY
The Ficke Team of Colliers has been retained to exclusively market for sale the Social Security Administration (SSA) located at 2416 S. Pulaski Blvd., Chicago, IL 60623.
This single-tenant facility, built-to-suit in 1993, consists of 6,155 rentable square feet. The site includes 0.35 acres and is a busy facility. The GSA/SSA exercised their renewal option under this first-generation lease for 5-years, 2-years firm effective February 2, 2023, with the firm term expiring May 17, 2025, and the full remaining term expiring May 16, 2028, illustrating the Social Security Administration’s commitment to the location. This is a well-maintained building with a newer roof and parking lot repair, sealed and striped in 2022. This lease provides investors with a value-add opportunity to negotiate a new long-term lease in 2028, creating additional value for a long-term hold or disposition upon lease renewal. This GSA lease provides investors stable returns guaranteed by the US Government (AA+ S&P credit rating).
This is a busy facility located in a dense, urban area surrounded by national retailers, banks, and restaurants, serving a population of over 100,000 in a 3-mile radius
This single-tenant facility, built-to-suit in 1993, consists of 6,155 rentable square feet. The site includes 0.35 acres and is a busy facility. The GSA/SSA exercised their renewal option under this first-generation lease for 5-years, 2-years firm effective February 2, 2023, with the firm term expiring May 17, 2025, and the full remaining term expiring May 16, 2028, illustrating the Social Security Administration’s commitment to the location. This is a well-maintained building with a newer roof and parking lot repair, sealed and striped in 2022. This lease provides investors with a value-add opportunity to negotiate a new long-term lease in 2028, creating additional value for a long-term hold or disposition upon lease renewal. This GSA lease provides investors stable returns guaranteed by the US Government (AA+ S&P credit rating).
This is a busy facility located in a dense, urban area surrounded by national retailers, banks, and restaurants, serving a population of over 100,000 in a 3-mile radius
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
6,155 SF
Building Class
C
Year Built
1993
Price
$730,000
Price Per SF
$118.60
Cap Rate
9.22%
NOI
$67,323
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
6,155 SF
Building FAR
0.39
Lot Size
0.36 AC
Zoning
C1-2
Parking
8 Spaces (1.3 Spaces per 1,000 SF Leased)
1 1
Walk Score®
Walker's Paradise (90)
Bike Score®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 16-27-218-021-0000 | Improvements Assessment | $71,866 |
| Land Assessment | $49,884 | Total Assessment | $121,750 |
PROPERTY TAXES
Parcel Number
16-27-218-021-0000
Land Assessment
$49,884
Improvements Assessment
$71,866
Total Assessment
$121,750
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2416 S Pulaski Rd
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