223 W Erie St

This ideally located loft office building is 76% leased with .80 years of WALT. The property also provides for exceptional transit as all main forms of transportation are within a short walk. Both the Merchandise Mart “L” stop as well as the Chicago “L” stop are within a six-minute walk of the property. In addition, The Ohio feeder ramp is just two blocks west of the Property, providing not only convenient access to Chicago’s main highways in I-290, I-90, and I-94 but also presenting extreme visibility to the building.
[THE EPITOME OF LIVE, WORK, AND PLAY]
The Property sits on a stretch of Erie Street that provides versatile mixed-use experiences just steps away from its doors. Tenants and future residents can find high-end dining options, luxury wellness spaces, and exciting nightlife venues without having far to venture. This building provides access to the true River North experience.
[DIVERSIFIED RENT ROLL WITH INCOME GROWTH]
The property features 17 distinct tenants with none taking up more than 8.3% of the building’s rent-able space - therefore a new buyer wont be beholden to a large tenants that could make or break the property’s success.
[TENANT TENURE]
The Property has a proven track record of stability with several tenants remaining in the building for the last 5 to 10 years.
[OWNER/USER OPPORTUNITY]
The building’s second floor (2nd floor) encompasses 7,640 square feet of contiguous space which offers an open floor plan with three window line views. The presents a tremendous opportunity for an owner/user to occupy the space while collecting steady cash from the asset.
[RE-DEVELOPMENT POTENTIAL | DX-5 ZONING]
The DX-5 Zoning allows for downtown high-rises, offices, or apartments with ground floor retail, which implies multiple options for redevelopment at the site. With limited WALT, the property is a prime candidate for a residential conversion. The Property offers three window line views and two interior stairwells, allowing for a seamless transition to multifamily.