60 W Ontario St
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60 W Ontario St
9,565 SF Retail Building Chicago, IL 60654 For Sale
Investment Highlights
- 3% escalations annually with two, 5-year options to renew
- Chop House sales exceeding pre-covid levels by over 50% for last three years
- River North submarket consistently benefits from its centralized location
- 15 years remaining of NNN lease with no termination options
- Classic steakhouse experience, rich history of quality dining and tradition
Executive Summary
Cushman & Wakefield Retail Investment Advisors (“C&W”) has been retained as exclusive advisor to sell the fee simple interest in 60 West Ontario Street, Chicago, Illinois (the “Property”) – a multistory structure containing approximately 9,565 square feet occupied by the award-winning Chicago Chop House. The Property, which operates as a single-tenant restaurant, is fully occupied for an initial term of 15 years with two, 5-year options to extend, and 3% annual escalations in rent. This longterm tenant’s new net lease commenced August 1,
2024, and offers no rights for early termination or contraction in advance of natural expiration, as well as a declining-basis guaranty.The urban asset commands over 55 feet of linear frontage along the heavily trafficked Ontario Street (50,382 VPD) between Clark and Dearborn Streets in the dynamic submarket of River North.
60 West Ontario Street delivers a unique value proposition to the marketplace: a historic, finedining experience for consumers and a stable cash flow opportunity for investors. Beyond the remarkable area demographics, attributable to both local and visiting patrons, the Property will continue to benefit from efficient health ratios and attractive income growth. The sales performance at Chicago Chop House underscores the strength of operations, making 60 West Ontario Street a rare offering with compelling yields.
2024, and offers no rights for early termination or contraction in advance of natural expiration, as well as a declining-basis guaranty.The urban asset commands over 55 feet of linear frontage along the heavily trafficked Ontario Street (50,382 VPD) between Clark and Dearborn Streets in the dynamic submarket of River North.
60 West Ontario Street delivers a unique value proposition to the marketplace: a historic, finedining experience for consumers and a stable cash flow opportunity for investors. Beyond the remarkable area demographics, attributable to both local and visiting patrons, the Property will continue to benefit from efficient health ratios and attractive income growth. The sales performance at Chicago Chop House underscores the strength of operations, making 60 West Ontario Street a rare offering with compelling yields.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Restaurant
Building Size
9,565 SF
Building Class
B
Year Built
1897
NOI
$600,000
Tenancy
Single
Building Height
4 Stories
Building FAR
1.83
Lot Size
0.12 AC
Zoning
DX-5
Frontage
63 FT on Ontario St
Amenities
- Restaurant
- Signage
Walk Score ®
Walker's Paradise (99)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Very Bikeable (84)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $419,331 | |
| Land Assessment | $200,026 | Total Assessment | $619,357 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$200,026
Improvements Assessment
$419,331
Total Assessment
$619,357
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60 W Ontario St
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