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350 N Ogden Ave
Chicago, IL 60607
Office Property For Sale
INVESTMENT HIGHLIGHTS
- This Property is primed for a self-storage owner/user wanting to supply the demand for additional storage options.
- Short-term leases with the current tenants allows for flexibility and the chance to pivot if needed.
- With a concrete structure allows for heavy floor load, plus large floor plates with high ceilings (10’ – 10’3” floor to ceiling)
- . It is currently zoned in the PMD; however this area is a likely candidate for a future lift on the PMD restrictive zoning.
EXECUTIVE SUMMARY
CBRE, as the exclusive advisor, is pleased to present an opportunity to acquire 100% fee simple interest in 350 North Ogden Avenue (“the Property”), a 78,248 SF industrial / flex / storage / office building located on the western edge of Fulton Market. Built in the iconic Chicago brick style, the Property has 4 floors and a full basement with roughly 16,000 SF available per floor. The Property has Ogden frontage plus window lines facing Downtown and Fulton Market, allowing for abundant natural light.
Zoned PMD-4, the property allows for a wide range of commercial, retail, and industrial uses, and its location on Ogden Avenue provides excellent visibility and accessibility. While rents are currently below market, this presents a significant value-add opportunity for an owner-occupier to tailor the space to their specific needs and benefit from future rent increases.
Perfectly suited for a self-storage owner/user, the Property is nestled among several existing and proposed multi-family developments, averaging 300+ units per project. Notably, the upcoming 1901 Project at the United Center promises to bring an influx of residents and businesses in the area. The Property is well located, seeing over 17,000 vehicles per day along Ogden Avenue, a major artery of Chicago, connecting it to the Medical District and stretching out to the Chicagoland western suburbs. Further, the Property is well situated between I-90 and I-290, both can be accessed via Ogden Avenue.
Zoned PMD-4, the property allows for a wide range of commercial, retail, and industrial uses, and its location on Ogden Avenue provides excellent visibility and accessibility. While rents are currently below market, this presents a significant value-add opportunity for an owner-occupier to tailor the space to their specific needs and benefit from future rent increases.
Perfectly suited for a self-storage owner/user, the Property is nestled among several existing and proposed multi-family developments, averaging 300+ units per project. Notably, the upcoming 1901 Project at the United Center promises to bring an influx of residents and businesses in the area. The Property is well located, seeing over 17,000 vehicles per day along Ogden Avenue, a major artery of Chicago, connecting it to the Medical District and stretching out to the Chicagoland western suburbs. Further, the Property is well situated between I-90 and I-290, both can be accessed via Ogden Avenue.
PROPERTY FACTS Under Contract
Sale Type
Investment
Property Type
Office
Property Subtype
Loft/Creative Space
Building Size
78,248 SF
Building Class
C
Year Built
1922
Percent Leased
91%
Tenancy
Multiple
Building Height
5 Stories
Typical Floor Size
15,650 SF
Building FAR
2.76
Lot Size
0.65 AC
Zoning
PMD-4B - 350 N Ogden Ave is located within the relaxed PMD 4B.
Relaxed PMD 4B Zoning now permits office, retail, flex and light manufacturing.
PROPERTY TAXES
| Parcel Number | 17-08-304-008-0000 | Improvements Assessment | $873,808 |
| Land Assessment | $153,233 | Total Assessment | $1,027,041 |
PROPERTY TAXES
Parcel Number
17-08-304-008-0000
Land Assessment
$153,233
Improvements Assessment
$873,808
Total Assessment
$1,027,041
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