Office Space - For Sale
1530 South State Street Chicago, IL 60605
Details & Description
Price: $2,100,000
  • Property Type Office for Sale : Professional
  • Lot Size Acres 0.000
  • Building Sq Ft 10,716
  • Building Price per Sq Ft $195.97
SVN Chicago Commercial is pleased to bring to market a multi-tenant office, retail and communications commercial property investment offering for sale in the luxury residential condo building known as Dearborn Tower, located in the heart of Chicago's booming South Loop neighborhood. This approx. 11,000 SF property is comprised of approx. 9700 SF of 2nd floor office space, an additional two service retail spaces totaling approx 1,000 SF, communications risers and roof rights with leases from antenna & satellite TV providers as well as an internet license with the Dearborn Tower condo association. Additional space utilized for commercial tenant parking in the basement of the parking garage is also included in the offering. The 2nd floor office portion of the property is on a long term lease with Perspectives Charter Schools, one of Chicago's most prominent charter school organizations. The remaining tenant roster is comprised of a dry cleaner, a non-for profit group, the condo association, which leases rooftop & basement space for internet services to its residences, and two communications companies providing both satellite and internet services to the building's residences. The leases include annual escalations and there is partial real estate tax recovery from Perspectives Charter School. This investment has a scheduled NOI of $159,170 and is being offered at a CAP rate of 7.58%. 16 deeded parking spaces are also available for purchase at an additional cost.HighlightsOffice/Retail/Communications InvestmentApprox. 11,000 SF of office & retail + communication risers, roof rights & basement spacePart of 317 unit Dearborn Tower condo buildingConvenient South Loop locationLong term leasesFor Sale at $2,100,000Projected NOI of $159,170Offering CAP rate of 7.58%16 parking spaces also available for sale at $410,000
Listing Agents
Wayne Caplan

O: 312-529-5791
wayne.caplan@svn.com
While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

1530 South State Street

Chicago, IL 60605

Listing ID: 219679
$2,100,000
For Sale
  • Property Type Office for Sale : Professional
  • Lot Size Acres 0.000
  • Building Sq Ft 10,716
  • Building Price per Sq Ft $195.97
  • 1530 South State Street Chicago, IL 60605 | for Sale | Photo 1
  • 1530 South State Street Chicago, IL 60605 | for Sale | Photo 2
  • 1530 South State Street Chicago, IL 60605 | for Sale | Photo 3
1530 South State Street | for Sale | Thumbnail 1
1530 South State Street | for Sale | Thumbnail 2
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Description

SVN Chicago Commercial is pleased to bring to market a multi-tenant office, retail and communications commercial property investment offering for sale in the luxury residential condo building known as Dearborn Tower, located in the heart of Chicago's booming South Loop neighborhood. This approx. 11,000 SF property is comprised of approx. 9700 SF of 2nd floor office space, an additional two service retail spaces totaling approx 1,000 SF, communications risers and roof rights with leases from antenna & satellite TV providers as well as an internet license with the Dearborn Tower condo association. Additional space utilized for commercial tenant parking in the basement of the parking garage is also included in the offering. The 2nd floor office portion of the property is on a long term lease with Perspectives Charter Schools, one of Chicago's most prominent charter school organizations. The remaining tenant roster is comprised of a dry cleaner, a non-for profit group, the condo association, which leases rooftop & basement space for internet services to its residences, and two communications companies providing both satellite and internet services to the building's residences. The leases include annual escalations and there is partial real estate tax recovery from Perspectives Charter School. This investment has a scheduled NOI of $159,170 and is being offered at a CAP rate of 7.58%. 16 deeded parking spaces are also available for purchase at an additional cost.

Highlights

Office/Retail/Communications Investment

Approx. 11,000 SF of office & retail + communication risers, roof rights & basement space

Part of 317 unit Dearborn Tower condo building

Convenient South Loop location

Long term leases

For Sale at $2,100,000

Projected NOI of $159,170

Offering CAP rate of 7.58%

16 parking spaces also available for sale at $410,000

Points of Interest & Demographic Radii
Points of Interest
Demographic Radii
POIs provided for entertainment purposes only. Data comes from multiple data sources as well as users and agents. MyEListing makes no claims whatsoever as to the accurancy and/or completeness.
 
Chicago History of Office Space for Sale

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Chicago Area Market Trends

Listing Demographics for 1530 South State Street Chicago, IL 60605

All information based on the most recently available data (updated annually) and is provided in 1-mile, 3-mile, and 5-mile radii (radiuses) of the property location.

1-Mile 3-Miles 5-Miles
Total Population50,690356,804822,907
Population Median Age393836
Population by Age0-9 Yrs3569 (7%)27192 (7%)81469 (9%)
10-19 Yrs3729 (7%)27177 (7%)75535 (9%)
20-29 Yrs10376 (20%)82385 (23%)189784 (23%)
30-39 Yrs11800 (23%)76759 (21%)165683 (20%)
40-49 Yrs6570 (12%)40874 (11%)94534 (11%)
50-59 Yrs6737 (13%)39235 (10%)83143 (10%)
60-69 Yrs4249 (8%)36802 (10%)74612 (9%)
70+ Yrs3659 (7%)26381 (7%)58147 (7%)
Median HH Income$98,945$89,652$74,073
Total Household Income< 24K4825 (18%)35509 (19%)83123 (22%)
25-49K2385 (9%)21018 (11%)56379 (15%)
50-74K2948 (11%)22294 (12%)48797 (13%)
75-99K3122 (11%)19770 (10%)40186 (10%)
100-199K8236 (31%)48959 (27%)89248 (23%)
200K+4782 (18%)33269 (18%)55348 (14%)
Highest Education LevelNo Diploma32402295472110
Diploma or GED34302960291211
Some College41363082172442
Assoc. Degree1583934623420
Bachelors Degree1250890668178647
Higher Degree1514489370156266
Total Housing Units29,017207,587427,513
--Owner-Occupied12,33469,725138,604
--Renter-Occupied13,965111,093234,476
Owner-Occupied Values< 100K24619277081
100-199K542481119833
200-299K26321309425538
300-399K36341445022609
400-499K21541082317718
500K+31272462045826
Total Working Age Population45,534316,941700,692
In Work Force33,437226,555484,082
Not In Work Force12,09790,386216,610
Workforce Employed32,202215,389453,510
Workforce Unemployed1,08510,92630,086
Civlian Workforce33,287226,315483,596
Military Workforce150240486
Total Households26,299180,819373,081
Family Households10,78671,635161,031
Non-Family Households15,513109,183212,050
Married Couple8,48453,484106,735
Other Family2,30218,15154,296
Married w/Child2,24115,15336,966
Single Male w/Child1191,2884,895
Single Female w/Child8576,37520,769

Population Change Last Two Decades - Plus Projection

2000%2010%2020%2030
Illinois12,419,293+312,830,632+1214,316,487+615,138,849
Cook County5,376,741-35,194,675+105,707,832+55,990,243

Total Working Age Population:

Total Households:

Total Working Age Population:

Total Households:

Total Working Age Population:

Total Households:

No part of this information may be copied, reproduced, repurposed, or screen-captured for any commercial purpose without prior written authorization from MyEListing.

While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

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Closest Commercial Airports
Airport Distance (mi)
Chicago Midway International Airport (MDW) 8
Chicago O'Hare International Airport (ORD) 16
South Bend Regional Airport (SBN) 68
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