603 Wells StChicago, IL 60654

For Sale
$3,650,000

Prime River North location, high NOI, fully leased.

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional mixed-use property, located in Chicago's desirable River North neighborhood, presents a compelling investment opportunity. The property consists of two connected buildings situated on two lots totaling 6,160 square feet (56x110). One building features a classic Greystone facade, housing four apartments on the upper floors. The ground floor comprises a restaurant space (currently Bar Cargo), which seamlessly connects to an indoor atrium and a charming back patio atrium. The second building, originally a garage, has been beautifully renovated and offers additional space. The property is currently 100% occupied, with a strong tenant in place paying approximately $27,000 annually, plus all utilities and a portion of the property taxes. The building is classified as Class A, with a NN+ lease type and a single tenancy. The property boasts a 0.74% cap rate and a net operating income (NOI) of $27,000. The permitted zoning is DX, and the property features three stories. Financial details beyond the provided NOI require a non-disclosure agreement. This is a rare opportunity to acquire a fully leased, high-performing asset in a prime River North location. Do not disturb tenants.

Highlights

  • Exceptional River North location, near Gold Coast.
  • Mixed-use property consisting of two connected buildings on two lots totaling 6,160 square feet (56x110).
  • One building features a Greystone facade with four apartments and a ground-floor restaurant (Bar Cargo) with an indoor atrium and patio.
  • Second building, a renovated former garage, provides additional space.
  • Fully leased with a strong tenant paying approximately $27,000 annually, plus all utilities and partial property taxes. Class A building, NN+ lease.
  • 0.74% cap rate and $27,000 NOI. DX zoning, three stories. Further financial details available upon NDA.

Property Details for 603 Wells St

Property type
Other mixed-use properties, Mixed-use properties
Class
A
Buildings
2
Stories
3

Location Insight

City
Chicago
County
Cook
State
Illinois
Latitude
41.8925871
Longitude
-87.633876
603 Wells St, Chicago, Illinois

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603 Wells St
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