Chicago IL Commercial for Sale
$14,995,000
565 W Randolph Street Chicago, IL 60661
- Type:
- General Commercial
- Sq.Ft.:
- n/a
- Status:
- NEW LISTING
- Beds:
- n/a
- Year built:
- 1892
- Baths:
- MLS#:
- 12260269
View additional info
Courtesy: Keller Williams ONEChicago
312-216-2422
ADDITIONAL INFORMATION
565 W. Randolph St offers investors a unique opportunity to acquire a prime asset in Chicago's West Loop, a neighborhood celebrated for its dynamic blend of commercial and residential growth. This 59,981 SF Class C office building, constructed in 1872, combines historical charm with modern functionality, featuring both a passenger elevator and a freight elevator. At $250 per SF with a purchase price of $14,995,000, this asset provides immediate stable cash flow along with significant value-add potential through a strategic conversion plan. The property is currently 98% occupied, with nine tenants, including ground-floor anchors Proxi and Sepia-two Michelin-starred dining establishments that recently renewed their leases for another five years with additional renewal options. This established retail presence ensures strong income stability for investors. Key Conversion Opportunity: Office to Multifamily Apartments This asset presents a compelling opportunity for an office-to-residential conversion, allowing investors to capitalize on the increasing demand for multifamily units in the West Loop. The property offers a phased approach to conversion: 43,624 SF (72.8% of the building) can become available by the end of December 2024, providing the majority of the building for potential apartment conversion immediately after acquisition. An additional 1,642 SF (2.7% of the building) will become available between March and November 2026 as leases expire, offering further flexibility for phased redevelopment. The final 5,550 SF (9.2% of the building) will become available between January and April 2029 upon lease expirations, enabling investors to continue generating income from office leases while gradually converting spaces to residential use. Strategic Investment Potential This asset allows for a phased redevelopment strategy, maximizing cash flow while taking advantage of conversion opportunities as leases roll over. The property's prime location offers proximity to top-tier transportation, shopping, dining, and green spaces, making it highly attractive to prospective residential tenants. By converting the office floors to apartments, investors can tap into the strong rental market in the West Loop, while still benefiting from the stable income of long-term retail tenants. With strategic upgrades and a phased conversion plan, investors can elevate rental rates, attract premium residential tenants, and significantly enhance the property's value. The unique combination of historical architecture, Michelin-starred retail tenants, and conversion flexibility positions 565 W. Randolph St as a standout investment in one of Chicago's most sought-after neighborhoods.
- Type:
- Condo
- Sq.Ft.:
- 32,000
- Status:
- Active
- Beds:
- n/a
- Year built:
- 1893
- Baths:
- MLS#:
- 12082788
View additional info
Courtesy: @properties Commercial
312-506-0200
ADDITIONAL INFORMATION
Office condo steps from union station, the loop business district and Kennedy Expressway. Clean highly updated loft office space in Elevator building. Entry/reception desk, glass walled conference room, 7 private offices, large kitchenette with dishwasher and room for table. Furnishing available for purchase. Phone room or small additional office. Maintenance staff on sight during work hours. Owner and employees have 24-hour access to building. Intercom and buzzed system in place for security. Reasonable assessments. Great space in even better location. Parking can be also purchased in property across the street that's owned by the seller.
- Type:
- Condo
- Sq.Ft.:
- 40,000
- Status:
- Active
- Beds:
- n/a
- Year built:
- 1895
- Baths:
- MLS#:
- 12082751
View additional info
Courtesy: @properties Commercial
312-506-0200
ADDITIONAL INFORMATION
Office condo steps from union station, the loop business district and Kennedy Expressway. Clean updated loft office space in Elevator building. Entry, conference room, kitchenette with dishwasher and lots of large windows along Jefferson for natural light. Large open room that could house multiple office if needed otherwise great collaborative work environment. Fully furnished. Maintenance staff on sight during work hours. Owner and employees have 24-hour access to building. Intercom and buzzed system in place for security. Reasonable assessments. Great space in even better location. Parking can be also purchased in property across the street that's owned by the seller.
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Chicago Real Estate
The median home value in Chicago, IL is $284,100. This is higher than the county median home value of $279,800. The national median home value is $338,100. The average price of homes sold in Chicago, IL is $284,100. Approximately 40.54% of Chicago homes are owned, compared to 48.29% rented, while 11.17% are vacant. Chicago real estate listings include condos, townhomes, and single family homes for sale. Commercial properties are also available. If you see a property you’re interested in, contact a Chicago real estate agent to arrange a tour today!
Chicago, Illinois 60661 has a population of 2,742,119. Chicago 60661 is less family-centric than the surrounding county with 24.86% of the households containing married families with children. The county average for households married with children is 29.73%.
The median household income in Chicago, Illinois 60661 is $65,781. The median household income for the surrounding county is $72,121 compared to the national median of $69,021. The median age of people living in Chicago 60661 is 35.1 years.
Chicago Weather
The average high temperature in July is 83.9 degrees, with an average low temperature in January of 19.2 degrees. The average rainfall is approximately 38.2 inches per year, with 35.1 inches of snow per year.