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Former Bank Branch | Full-Acre Chatham Corner 8700 S King Dr 8,000 SF Retail Building Chicago, IL 60619 $875,000 ($109.38/SF)
Investment Highlights
- Subject offering presents a freestanding former bank building spanning 8,430 square feet and equipped with drive-thru canopy infrastructure.
- Sold as-is, owner-direct (no broker); condition priced in; gut/retrofit opportunity in a Chatham corridor with active healthcare and pharmacy demand.
- Five drive-thru lanes (two canopied) with drive-up vaults make this a rare queue-ready infrastructure for pharmacy, clinic, QSR, or credit union.
- Highly visible and easily accessible at the corner of the signalized intersection of E 87th Street and S Martin Luther King Jr Drive & King Drive.
- Three-parcel site benefits from over 300 feet of frontage along E 87th Street, visible to more than 25,450 daily passing vehicles.
Executive Summary
GN Bank is selling its former Chatham bank branch location, presenting an investment or owner/user opportunity to acquire 371 E 87th Street in Chicago, Illinois, a corner-site comprised of three parcels (also addressed 8700 S King Drive).
Subject offers a rare, full-acre signalized-corner site with purpose-built banking infrastructure. The property has 8,000 square feet of rentable space and totals 8,430 gross square feet. The single-story masonry building was constructed in 2000 and features five drive-thru lanes (two canopied), drive-up vaults, an interior vault, a dedicated security room, and hardened construction throughout. Since being sold strictly as-is/where-is, a new owner can plan a gut renovation or systems retrofit.
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 pharmacies, clinics, QSRs, credit unions, or any queue-based operation. The CTA #87 bus stop is located at the corner of the signalized intersection, driving visibility and foot traffic.
Business redevelopment is supported under the subject’s B3-1 zoning (Community Shopping District). Property Taxes: TY2024 $66,323 (all parcels; seller clears all property-tax arrears at or before closing).
Terms: Offering Price is $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 a clear title on a standard title company timeline. Buyer's inspections welcome during a defined diligence window.
Subject’s existing 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; the damage is unrepaired.
- Roof leakage has been documented since 2021-2022; ceiling water staining is present. The buyer should budget for roof work.
- The parking lot requires full replacement (the owner obtained a replacement proposal in 2024).
- Electric and gas services are disconnected; buyer re-energizes.
Full written condition disclosure and photo set available to serious buyers on request.
Inquire today for more information.
Subject offers a rare, full-acre signalized-corner site with purpose-built banking infrastructure. The property has 8,000 square feet of rentable space and totals 8,430 gross square feet. The single-story masonry building was constructed in 2000 and features five drive-thru lanes (two canopied), drive-up vaults, an interior vault, a dedicated security room, and hardened construction throughout. Since being sold strictly as-is/where-is, a new owner can plan a gut renovation or systems retrofit.
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 pharmacies, clinics, QSRs, credit unions, or any queue-based operation. The CTA #87 bus stop is located at the corner of the signalized intersection, driving visibility and foot traffic.
Business redevelopment is supported under the subject’s B3-1 zoning (Community Shopping District). Property Taxes: TY2024 $66,323 (all parcels; seller clears all property-tax arrears at or before closing).
Terms: Offering Price is $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 a clear title on a standard title company timeline. Buyer's inspections welcome during a defined diligence window.
Subject’s existing 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; the damage is unrepaired.
- Roof leakage has been documented since 2021-2022; ceiling water staining is present. The buyer should budget for roof work.
- The parking lot requires full replacement (the owner obtained a replacement proposal in 2024).
- Electric and gas services are disconnected; buyer re-energizes.
Full written condition disclosure and photo set available to serious buyers on request.
Inquire today for more information.
Property Facts
Sale Type
Investment or Owner User
Sale Condition
Lease Option
Property Type
Retail
Property Subtype
Bank
Building Size
8,000 SF
Building Class
B
Year Built
2000
Price
$875,000
Price Per SF
$109.38
Tenancy
Single
Building Height
1 Story
Building FAR
0.19
Lot Size
0.99 AC
Zoning
B3-1 - Business
Parking
30 Spaces (3.75 Spaces per 1,000 SF Leased)
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
2025 Population
28,736
256,735
580,557
2030 Population
28,693
257,186
581,632
2025-2030 Projected Population Growth
-0.2%
0.2%
0.2%
Median Age
44.4
41.2
39.2
College Degree + Higher
29%
22%
26%
Daytime Employees
5,108
42,763
134,863
Total Businesses
728
5,632
17,107
Average Household Income
$66,989
$65,481
$71,153
Median Household Income
$46,446
$46,819
$49,251
Total Consumer Spending
$267M
$2.2B
$5.1B
2025 Households
13,141
105,108
233,439
Average Home Value
$237,243
$223,508
$251,894
Nearby Major Retailers
Property Taxes
| Parcel Numbers | Improvements Assessment | $221,777 | |
| Land Assessment | $107,473 | Total Assessment | $329,250 |
Property Taxes
Parcel Numbers
Land Assessment
$107,473
Improvements Assessment
$221,777
Total Assessment
$329,250
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Former Bank Branch | Full-Acre Chatham Corner | 8700 S King Dr