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2 N Michigan Ave (Raising Cane's)

$10,550,000

2 Michigan Avenue, Chicago, IL 60602

Pending
Last Updated: 06/06/2025

6.25

Cap Rate

659,870

NOI

Details:
Cap Rate:    6.25%
NOI:    $659,870
Building Size:    5,076 sqft
Lot Area:    0.12 acres
Tenancy:    Single
Highlights:
  • Raising Cane’s is a fast-food restaurant chain renowned for its highly focused chicken tender-centric menu. Founded in Baton Rouge, Louisiana in 1996, Raising Cane’s has garnered a loyal following for its commitment to providing fresh, never-frozen chicken tenders cooked to perfection and accompanied by Cane’s Sauce, crinkle-cut fries, coleslaw, Texas toast, and sweet tea.
  • The restaurant’s commitment to quality extends beyond food. Raising Cane’s prides itself on providing a clean and inviting dining environment, as well as friendly and efficient service. Whether customers dine in, drive-thru, or opt for takeout, Raising Cane’s delivers a consistently enjoyable experience.
  • The North Michigan Avenue retail corridor between Oak Street to the north and Adams Street to the south is one of the most iconic commercial districts in the United States. This corridor, commonly referred to as the “Magnificent Mile’, attracts a diverse lineup of retailers including luxury fashion houses, digitally native brands, high-end national retailers, and entertainment-based offerings. This stretch of the Magnificent Mile is home to over 3.2 million square feet of retail space, including three vertical malls.
Description:

Mid-America Real Estate Corporation has been retained on behalf of the owner to sell a retail property leased to Raising Cane’s located along Chicago’s iconic Michigan Avenue and directly across the street from Millennium Park. This phenomenally positioned asset offers a long-term net lease vertically separated retail property at the base of a luxury residential building.

Map:
Documents:
Title
2_N_Michigan_Ave_OM.pdf
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Today's Available Mortgage Rates

2 Michigan Avenue, Chicago, Illinois 60602

Choose Your Priority
 
Interest Rate
Mo. Payments
Max LTV Max Loan to Value is determined by the participating lenders DSCR requirements and stated NOI for the property. If no NOI is present, a 5% Cap rate is used by default.
Loan Amount
Rates as of 06/13/2025
LifeLender #1712
5 Year Fixed
25 Year Amortization
Interest rate 5.87% 5 Year Fixed
Mo. Payment$40,283 25 Year Amortization
Max LTV Max Loan to Value is determined by the participating lenders DSCR requirements and stated NOI for the property. If no NOI is present, a 5% Cap rate is used by default. 60% LTV $0 Lender fees
Loan Amount $6,330,000 Loan Amount
LifeLender #1712
7 Year Fixed
25 Year Amortization
Interest rate 6.05% 7 Year Fixed
Mo. Payment$40,295 25 Year Amortization
Max LTV Max Loan to Value is determined by the participating lenders DSCR requirements and stated NOI for the property. If no NOI is present, a 5% Cap rate is used by default. 59% LTV $0 Lender fees
Loan Amount $6,224,500 Loan Amount
BankLender #1068
10 Year Fixed
25 Year Amortization
Interest rate 6.06% 10 Year Fixed
Mo. Payment$45,802 25 Year Amortization
Max LTV Max Loan to Value is determined by the participating lenders DSCR requirements and stated NOI for the property. If no NOI is present, a 5% Cap rate is used by default. 67% LTV $0 Lender fees
Loan Amount $7,068,500 Loan Amount
Largest Commercial Real Estate Lending
Location
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