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515 N Dearborn 515 N Dearborn St 41,634 SF 100% Leased Office Building Chicago, IL 60654 For Sale
Investment Highlights
- Multiple value-add pathways for sophisticated investors and end users- flexible use options: office, medical, residential or mixed-use
- Prime River North location with exceptional visibility and foot traffic
- Development potential on adjacent parking lot
- Steps from Michigan Ave, The Loop, Lake Michigan, CTA and bus routes
Executive Summary
IDEAL FOR A CORPORATE HEADQUARTERS, RESIDENTIAL CONVERSION, OR AN INVESTOR LOOKING TO RE-STABILIZE A TROPHY RIVER NORTH ASSET
515 N Dearborn Street, ideally located in Chicago’s River North neighborhood, is a corner, concrete, 48,000 +- sf retail and office building featuring an adjacent 14 car parking lot. The property’s flexible floorplan, manageable scale and prime location create multiple value-add pathways for investors and end-users, including repositioning, lease-up, redevelopment or new development. Zoned DX-7, this 12,000+ sf site supports approximately 84,000 buildable square feet as of right, plus potential bonus FAR. There is significant in-place income including office, retail, billboard and cell tower leases. The 5000+ sf of retail space provide major upside in this premier location.
515 N Dearborn Street, ideally located in Chicago’s River North neighborhood, is a corner, concrete, 48,000 +- sf retail and office building featuring an adjacent 14 car parking lot. The property’s flexible floorplan, manageable scale and prime location create multiple value-add pathways for investors and end-users, including repositioning, lease-up, redevelopment or new development. Zoned DX-7, this 12,000+ sf site supports approximately 84,000 buildable square feet as of right, plus potential bonus FAR. There is significant in-place income including office, retail, billboard and cell tower leases. The 5000+ sf of retail space provide major upside in this premier location.
Property Facts
Sale Type
Investment or Owner User
Property Type
Building Size
41,634 SF
Building Class
B
Year Built/Renovated
1926/2019
Percent Leased
100%
Tenancy
Multiple
Building Height
5 Stories
Typical Floor Size
8,326 SF
Building FAR
3.41
Lot Size
0.28 AC
Zoning
DX-7 - Chicago's DX-7 zoning signifies a Downtown Mixed-Use District designed for high-density, vertical developments like offices, apartments, and retail.
Parking
14 Spaces (0.34 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Metro/Subway
- Property Manager on Site
- Natural Light
- Air Conditioning
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Walk Score®
Walker's Paradise (99)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (83)
Property Taxes
| Parcel Number | 17-09-248-001-0000 | Improvements Assessment | $1,329,647 |
| Land Assessment | $382,061 | Total Assessment | $1,711,708 |
Property Taxes
Parcel Number
17-09-248-001-0000
Land Assessment
$382,061
Improvements Assessment
$1,329,647
Total Assessment
$1,711,708
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515 N Dearborn | 515 N Dearborn St
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