Embed Size (px)
Citation preview
FOR SALE: G a r f i e l d R i d g e P u b l i c L i b r a r y B u i l d i n g
7 ,725 RSF Bu i ld ing on 19 ,125 SF S i t e
6 3 4 8 S O U T H A R C H E R AV E N U E C H I C A G O , I L L I N O I S 6 0 6 3 8
PROPERTY HIGHLIGHTS:
• 7,725 Rentable Square Foot Building
• 19,125 sq. ft. (153’ x 125’) Site Size
• Built in 2004
• Leased to City of Chicago thru 12/31/2024
• Landlord Early Termination / Owner-User Potential
• B3-1 Zoning / 1.2 FAR
• 23rd Ward (Alderman Silvana Tabares)
• ASKING PRICE: Subject to Offer
Jay G. Beadle312.558.3862
Andrew J. Davidson312.558.3888
David P. Kimball312.558.3858
PROPERTYOVERVIEW
6348 S Archer Ave
PROPERTYOVERVIEW
This information provided herein has been obtained from sources believed reliable. No representation is made as to the accuracy thereof and it is submitted subject to errors, omissions, changes, prior sale or lease, or withdrawalwithout notice. Any projections, opinions, assumptions or estimates used are for example only and may not represent actual performance. Interested parties should conduct a careful, independent investigation of the property.
Address: 6348 S Archer Ave, Chicago, IL 60638
Property Type: Retail building with onsite parking
Price: Subject to Offer
Bldg RBA: 7,725 rsf
Total Land Area: 19,125 SF (125’ x 153’) (0.44 acres)
Tenant: City of Chicago (Garfield Ridge Public Library)
Rental Rate: $31.00 psf gross with no annual escalations
NOI: ~$155,000
Lease Expiration: 12/31/2024
Termination Option: Both Landlord and Tenant have the mutual right to terminate the lease at any timewith 120-day notice. Tenant has expressed interest in amending the lease toentirely remove the termination option.
Parking: 26 spaces (including 2 handicap space)
Year Built: 2004
Ceiling Heights: 15-foot finished ceiling height for 60% of building / 12 foot for remaining
Zoning: B3-1
FAR: 1.2
Ward: 23rd Ward- Alderman Silvana Tabares
Tax ID Pin: 19-08-325-045
Taxes: 2019 $46,159.822018 $41,963.472017 $47,810.132016 $44,482.912015 $40,697.822014 $42,998.37
Distance to CTA Stop: 2.21 miles to CTA Orange Line Midway stop
Distance to Amtrak Stop: 1.51 miles to Amtrak Summit stop (HC and Lincoln Service lines
MB Real Estate is pleased to present the opportunity to purchase 6348 S Archer Ave in Chicago, Illinois. Theproperty was built in 2004 specifically as the City of Chicago’s Garfield Ridge Public Library branch. Thebranch is widely used and embraced by the community and the City will likely continue to operate this branchfor many years to come. 6348 S Archer is an excellent opportunity for both a long-term investor as well as anowner-user, who if desired, can terminate the lease with the City of Chicago upon 120-day notice.
PROPERTYSURVEY
ZONING & ASSESSOR’SMAPS
6348 S Archer Ave
6348 S Archer Ave
LOCATIONMAP
PROPERTYPHOTOS
AREADEMOGRAPHICS
AREADEMOGRAPHICS
AREADEMOGRAPHICS
AREADEMOGRAPHICS
AREADEMOGRAPHICS
AREADEMOGRAPHICS
AREADEMOGRAPHICS
Chicago Office181 West Madison Street
Suite 4700Chicago, IllinoisP: 312.726.1700F: 312.807.3883www.mbres.com
New York Office335 Madison Avenue
14th FloorNew York, New York
P: 212.350.2300F: 212.350.2301www.mbres.com
CONFIDENTIALITY& DISCLAIMER
Neither MB Real Estate Services Inc (“Broker)” nor Owner of theproperty makes any representation or warranty as to thecompleteness or accuracy of the material contained in this OfferingMemorandum.
The information contained within this Offering Memorandum isproprietary and strictly confidential and by accepting the contentsherein, you agree (i) that you will hold and treat the OfferingMemorandum and its contents in the strictest confidence, (ii) that youwill not disclose any information contained within this OfferingMemorandum to any other entity without the prior written consent ofthe Owner or Broker, (iii) that you will not use the OfferingMemorandum in anymanner detrimental to the interest of the Owneror Broker, and (iv) that you will immediately return any informationcontained herein to Broker upon request.
This Offering Memorandum has been prepared to provide asummary of information to prospective purchasers and to establishonly a preliminary interest in the subject property. Theinformation contained herein is not a substitute for a thoroughdue diligence investigation. Broker has not made anyinvestigation, and makes no warranty or representation withrespect to the existing or potential income or expenses for thesubject properties, the presence or absence of contaminatingsubstances or existing environmental conditions, the compliancewith State and Federal regulations, the physical conditions of theproperties or the size and square footage of the properties or anyimprovements.
The Owner and Broker reserve the right, at their sole discretion, toreject any or all expressions of interest to purchase the propertyand expressly reserves the right at their sole discretion toterminate discussion with any entity at any time with or withoutnotice. The Owner shall have no legal commitment or obligationsto any entity reviewing this memorandum or prospectivepurchaser that makes an offer on the subject property unless anduntil that such offer for the property is approved by the Ownerpursuant to its approval process and the signature of anauthorized representative of the Owner is affixed to a real estatepurchase agreement prepared by the Owner.
CONTACTS:
David P. KimballVice President
Jay G. BeadleSenior Vice President
Andrew J. DavisonEVP/Managing Director
181 W Madison StSuite 4700
Chicago, Illinois 60602www.mbre.com
Jay BeadleSenior Vice President
David KimballVice PresidentP: 312.558.3858
Andy DavisonEVP/Managing Director
