942-944 W Huron St
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942-944 W Huron St
9,971 SF 50% Leased Office Building Chicago, IL 60642 $1,800,000 ($181/SF) 4.49% Cap Rate
Investment Highlights
- Modern, office building in a timber loft with a commercial, triple net tenant occupying half of the building.
- See brochure for details.
- Terrific location near Lincoln Yards, Goose Island, downtown and transportation, with flexible M1-3 zoning.
Executive Summary
Beautifully appointed building - half is a move-in ready office space, appropriate for tech, legal, marketing, real estate, or any one of a number of application. An existing tenant occupying approximately half the space pays half the real estate taxes of the building, making this a highly attractive location for an owner who needs room to grow while having their cost of borrowing covered by the rent. All an investor needs to do is secure a lease for the other half of the building and it becomes the perfect 1031 exchange, triple net, armchair investment. See brochure for more details or see MLS #12109602.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$94,200
|
$9.45
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$94,200
|
$9.45
|
| Taxes |
$29,860
|
$2.99
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$29,860
|
$2.99
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $94,200 |
| Annual Per SF | $9.45 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $94,200 |
| Annual Per SF | $9.45 |
| Taxes | |
|---|---|
| Annual | $29,860 |
| Annual Per SF | $2.99 |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $29,860 |
| Annual Per SF | $2.99 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Loft/Creative Space
Building Size
9,971 SF
Building Class
C
Year Built/Renovated
1896/2007
Price
$1,800,000
Price Per SF
$181
Cap Rate
4.49%
NOI
$80,800
Percent Leased
50%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
4,544 SF
Slab To Slab
14’
Building FAR
1.91
Lot Size
0.12 AC
Zoning
M1-3, Chicago - Can be converted to residential as of right with a five story apartment building immediately to the west.
Parking
3 Spaces (0.52 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Metro/Subway
- Security System
- Kitchen
- Storage Space
- Basement
- Central Heating
- High Ceilings
- Air Conditioning
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Walk Score ®
Walker's Paradise (94)
Transit Score ®
Excellent Transit (79)
Bike Score ®
Biker's Paradise (95)
PROPERTY TAXES
| Parcel Number | 17-08-212-003-0000 | Total Assessment | $148,750 (2024) |
| Land Assessment | $36,720 (2024) | Annual Taxes | $29,860 ($2.99/SF) |
| Improvements Assessment | $112,030 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
17-08-212-003-0000
Land Assessment
$36,720 (2024)
Improvements Assessment
$112,030 (2024)
Total Assessment
$148,750 (2024)
Annual Taxes
$29,860 ($2.99/SF)
Tax Year
2023
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942-944 W Huron St
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