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Former Bank Branch — Full-Acre Chatham Corner 371 E 87th St 8,300 SF Office Building Chicago, IL 60619 $875,000 ($105.42/SF)
Investment Highlights
- Full-acre (0.99 AC) signalized corner at 87th & King Drive — three parcels, ~300 ft of 87th St frontage
- Sold as-is, owner-direct (no broker); condition priced in — gut/retrofit opportunity in a Chatham corridor with active healthcare & pharmacy demand
- Five drive-thru lanes (two canopied) with drive-up vaults — rare queue-ready infrastructure for pharmacy, clinic, QSR or credit union
Executive Summary
8700 S King Drive, Chicago, IL 60619 (corner parcel also addressed 347-371 E 87th St)
GN Bank is selling its former Chatham branch — owner-direct, no broker. A rare full-acre signalized-corner site at 87th & King Drive with purpose-built banking infrastructure: approximately 8,000 rentable SF (±8,430 SF gross) single-story masonry building constructed in 2000, five drive-thru lanes (two canopied) with drive-up vaults, interior vault, dedicated security room, and hardened construction throughout.
SOLD STRICTLY AS-IS / WHERE-IS. Plan a gut renovation or systems retrofit. Honest condition summary:
- The building has been vacant and secured (steel window/door guards) since late 2024.
- A November 2024 forced-entry/ATM-theft incident damaged the drive-up area, interior plumbing and electrical, and portions of the bathrooms and ceilings. Damage is unrepaired.
- Roof leakage has been documented since 2021-22; ceiling water staining is present. Buyer should budget roof work.
- The parking lot requires full replacement (owner obtained a replacement proposal in 2024).
- Electric and gas service are disconnected; buyer re-energizes.
- Full written condition disclosure and photo set available to serious buyers on request.
Why this corner: Chatham's healthcare and pharmacy demand is real — the neighborhood lost its last Walgreens in June 2026, the Ward 6 pharmacy-access pilot is active, TCA Health's 340B clinic operates 2.5 blocks east, and the corridor has seen recent conversions of former bank buildings (a national QSR redeveloped the ex-Seaway drive-thru branch nearby). The drive-thru lanes suit pharmacy, clinic, QSR, credit union, or any queue-based operation; the 42,989 SF of land supports redevelopment under B3-1 zoning (Community Shopping District).
Key facts (full spec sheet available):
- Land: 42,989 SF / 0.99 acre corner, ~300 ft of 87th Street frontage across three parcels
- Building: ~8,000 RSF single-story masonry + drive-thru canopy, built 2000
- Zoning: B3-1 · Cook County class 5-28 (bank building) · No TIF district
- Taxes: TY2024 $66,323 (all parcels; seller clears all property-tax arrears at or before closing)
- CTA #87 bus at the corner; signalized intersection
- PINs: 25-03-105-049 / -050 / -051
Terms: $875,000. As-is/where-is, no repair credits (condition is priced in). Cash or proof-of-funds preferred; quick close available — seller can deliver clear title on a normal title-company timeline. Buyer's inspections welcome during a defined diligence window.
Contact: cnduom@gnbank.net · (872) 904-6116 (owner-direct). Property page: 8700king.4619mlk.com
GN Bank is selling its former Chatham branch — owner-direct, no broker. A rare full-acre signalized-corner site at 87th & King Drive with purpose-built banking infrastructure: approximately 8,000 rentable SF (±8,430 SF gross) single-story masonry building constructed in 2000, five drive-thru lanes (two canopied) with drive-up vaults, interior vault, dedicated security room, and hardened construction throughout.
SOLD STRICTLY AS-IS / WHERE-IS. Plan a gut renovation or systems retrofit. Honest condition summary:
- The building has been vacant and secured (steel window/door guards) since late 2024.
- A November 2024 forced-entry/ATM-theft incident damaged the drive-up area, interior plumbing and electrical, and portions of the bathrooms and ceilings. Damage is unrepaired.
- Roof leakage has been documented since 2021-22; ceiling water staining is present. Buyer should budget roof work.
- The parking lot requires full replacement (owner obtained a replacement proposal in 2024).
- Electric and gas service are disconnected; buyer re-energizes.
- Full written condition disclosure and photo set available to serious buyers on request.
Why this corner: Chatham's healthcare and pharmacy demand is real — the neighborhood lost its last Walgreens in June 2026, the Ward 6 pharmacy-access pilot is active, TCA Health's 340B clinic operates 2.5 blocks east, and the corridor has seen recent conversions of former bank buildings (a national QSR redeveloped the ex-Seaway drive-thru branch nearby). The drive-thru lanes suit pharmacy, clinic, QSR, credit union, or any queue-based operation; the 42,989 SF of land supports redevelopment under B3-1 zoning (Community Shopping District).
Key facts (full spec sheet available):
- Land: 42,989 SF / 0.99 acre corner, ~300 ft of 87th Street frontage across three parcels
- Building: ~8,000 RSF single-story masonry + drive-thru canopy, built 2000
- Zoning: B3-1 · Cook County class 5-28 (bank building) · No TIF district
- Taxes: TY2024 $66,323 (all parcels; seller clears all property-tax arrears at or before closing)
- CTA #87 bus at the corner; signalized intersection
- PINs: 25-03-105-049 / -050 / -051
Terms: $875,000. As-is/where-is, no repair credits (condition is priced in). Cash or proof-of-funds preferred; quick close available — seller can deliver clear title on a normal title-company timeline. Buyer's inspections welcome during a defined diligence window.
Contact: cnduom@gnbank.net · (872) 904-6116 (owner-direct). Property page: 8700king.4619mlk.com
Property Facts
Sale Type
Investment or Owner User
Sale Condition
Lease Option
Property Type
Office
Building Size
8,300 SF
Building Class
B
Year Built
2000
Price
$875,000
Price Per SF
$105.42
Tenancy
Single
Building Height
1 Story
Typical Floor Size
8,300 SF
Building FAR
0.34
Lot Size
0.57 AC
Zoning
B3-1 - Business
Parking
30 Spaces (3.61 Spaces per 1,000 SF Leased)
Amenities
- Atrium
- Banking
- Bus Line
- Controlled Access
- Conferencing Facility
- Fenced Lot
- Security System
- Kitchen
- Storage Space
- Central Heating
- High Ceilings
- Natural Light
- Partitioned Offices
- Reception
- Secure Storage
- Air Conditioning
1 1
Very walkable
80/100
Exceptionally drivable
100/100
Good public transit
70/100
Moderately bikeable
60/100
Demographics
Demographics
1 mile
3 mile
5 mile
2020 Population
29,274
257,942
582,949
2025 Population
28,736
256,735
580,557
Population Growth '20-'25
-1.8%
-0.5%
-0.4%
2020 Households
13,553
107,340
236,878
2025 Households
13,141
105,108
233,439
Household Growth '20-'25
-3.0%
-2.1%
-1.5%
Average Age
43
41
40
Median Household Income
$46,446
$46,819
$49,251
Daytime Employees
5,108
42,763
134,863
Total Businesses
728
5,632
17,107
College Degree + Higher
29%
22%
26%
Property Taxes
| Parcel Numbers | Improvements Assessment | $55,573 | |
| Land Assessment | $77,473 | Total Assessment | $133,046 |
Property Taxes
Parcel Numbers
Land Assessment
$77,473
Improvements Assessment
$55,573
Total Assessment
$133,046
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GN Bank
Former Bank Branch — Full-Acre Chatham Corner | 371 E 87th St
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