223 Erie StChicago, IL 60654

This exceptional 68,000 square foot executive office building in Chicago's River North neighborhood presents a compelling investment opportunity. Currently 76.12% occupied, the property boasts a strong net operating income (NOI) of $599,316. Built in 1899 and renovated in 1988, the building comprises seven units, each with distinct tenants, ensuring diversified income streams. No single tenant occupies more than 8.3% of the rentable space, mitigating risk. Several tenants have enjoyed long-term occupancy (5-10 years), demonstrating the property's stability. The building's prime location on 223 W Erie St, with DX-5 zoning, offers significant redevelopment potential, including the possibility of a residential conversion. The second floor's 7,640 square feet of contiguous space presents an owner-user opportunity. The property benefits from excellent transit access, being within a six-minute walk of the CTA Brown and Purple Lines and close to major transportation hubs. Situated in a thriving mixed-use area with high-end amenities and a strong millennial demographic (average household income $183,211), this asset offers both immediate cash flow and long-term upside. The 0.26-acre lot (APN 17-09-223-001-0000) is further enhanced by its proximity to major highways (I-290, I-90, I-94), providing excellent visibility. A 10-year lease commencing July 31, 2024, and expiring July 30, 2034, ensures long-term income stability.