233 W. Lake St

233 West Lake Street, Barrington, IL

$4,800,000

Price

6.15%

Cap Rate

83%

Occupancy

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Street
Map
Overview
Cap Rate
6.15%
Occupancy
83%
Description

The Cross Realty Group and Keller Williams ONEChicago, as the Exclusive Investment Advisors, is pleased to present the opportunity to acquire 233 West Lake Street (the “Property”/”Investment”), a 83% leased, retail & office investment prominently located in Chicago’s central business district ‘The Loop’.

 

The five-story property is situated on 3,999 square feet of land with ±45 feet of frontage along West Monroe Street. The Property’s first floor consists of two retail units with one space being occupied by a Chipotle. The Property’s second, third, and fourth floors consists of office tenants. The Property's fifth floor consists of a residential penthouse that is a 4 bedroom / 3 bathroom units.

 

Chipotle Mexican Grill, Inc. is cultivating a better world by serving responsibly sourced, classically-cooked, real food with wholesome ingredients without artificial colors, flavors or preservatives. Chipotle had over 3,100 restaurants as of December 31, 2022, in the United States, Canada, the United Kingdom, France and Germany and is the only restaurant company of its size that owns and operates all its restaurants. Chipotle is currently in a 10 year current term to December 2033. The additional retail space gives an investor a runway to add value through reletting the space while maintaining consistent cashflow in the interim. In addition, the landlord has the option to terminate the office space tenant's leases on a floor-by-floor basis as outlined further in the rent roll, allowing an owner-user or investor to backfill the office space at superior rental rates.

 

Located in Chicago’s central business district commonly known as the Loop, the Property sits directly across from Chicago’s iconic Wacker Drive. The Property also features some of the highest pedestrian counts in the city due to its proximity to some of the city’s most important landmarks and destinations as well as the Chicago Transit Authority (CTA) Pink, Green, Orange, Brown & Blue Line ‘L’ stations.

 

The Property features some of the best demographics in the city. Within 1-mile, demographics include an average household income of $155,847, an average home value of $449,136, and a total population of 115,675.


TREMENDOUS OPTIONALITY + VALUE-ADD OFFICE

OFFICE TENANT DEDICATION + CAPITAL INVESTMENT

UPSIDE THROUGH RELETTING RETAIL

SUPERIOR DOWNTOWN LOCATION

HIGHLY WALKABLE & ACCESSIBLE AREA

STRONG DEMOGRAPHICS

Location
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