Manhattan Building Condos

Horvath & Tremblay is pleased to present the exclusive sale of the condominium interest in the multi-tenant retail investment property located at 423-439 S Dearborn Street in Chicago, Illinois (the “Property”).​ The Property consists of a portion of the ground floor of the Manhattan Building (8,010 square feet) and is 100% leased to six retail tenants.​ The Manhattan Building is a sixteen-story building that was constructed in 1891, it is the third oldest surviving high-rise in Chicago, and features retail units on the ground floor and 105 residential condominiums ranging from studio units to 3-Bedroom units on the upper floors.​

Located in the heart of Chicago’s Central Business District in the Loop neighborhood, the Property is exceptionally well positioned at the intersection of S Dearborn Street and W Ida B Wells Drive.​ The Property offers outstanding access to public transportation, area highways, green space, Lake Michigan, and numerous retail amenities.​ The Property is also surrounded by large office and residential buildings that drive vehicular and pedestrian traffic to the area and provide a built-in customer base for the retailers.​

ESTABLISHED TENANTS: The Property is 100% leased to a complimentary mix of six (6) retail tenants including Poke Burrito, who has been at the building since 2017 and has 3+ years remaining on their lease, Jugrnaut Boutique has been at the building since 2008 and has 1+ years remaining on their lease, Funks Barbershop has been at the building since 2015 and has 6+ years remaining on their lease, Loxx of Hair has been at the building since 2017 and has 1+ years remaining on their lease, Pure Rain Nail Spa has been at the building since 2008 and has 5+ years remaining on their lease, and Hero Coffee Bar which has been at the building since 2014 and has 1+ years remaining on their lease.

The leases call for scheduled rent increases throughout the primary lease term providing an attractive increase in revenue and a hedge against inflation.

Five of the six leases call for the tenant to reimburse a portion of the operating expenses.

SUPERIOR LOCATION: The Property is exceptionally well positioned at the intersection of S Dearborn Street and W Ida B Wells Drive in the heart of Chicago’s Central Business District in the Loop neighborhood.

The Property is surrounded by a multitude of retail, dining, entertainment, and nightlife options that drive traffic to the immediate area, providing a captive customer base for the Properties retailers.

The Property is seconds from Grant Park, proudly referred to as "Chicago's Front Yard," which totals 312.98 acres. A city centerpiece much like New York’s Central Park, Grant Park is home to some of Chicago's most iconic landmarks and attractions. The park includes Museum Campus, the site of world-class museums the Art Institute of Chicago, the Field Museum of Natural History, the Shedd Aquarium and the Adler Planetarium. Grant Park's centerpiece is the Clarence Buckingham Memorial Fountain, built in 1927 to provide a monumental focal point while protecting the park's breathtaking lakefront views.

The Property is 0.5-miles from the Willis Tower, 0.6-miles from the banks of the Chicago River, 0.7-miles from Chicago’s Union Station and 2-miles from the Navy Pier.

TRANSIT ORIENTED PROPERTY: Transportation options near the property include Bus lines 22, 24,36 & 62, located in front of the Property along S Dearborn Street.

The Property offers outstanding access to subway service on the CTA Brown line at the Harold Washington Library/Van Buren “L” Station (500 feet) and the CTA Blue line at the LaSalle “L” Station (600 feet). The Property is also just a short walk from commuter rail service via the LaSalle Street Metra Station (0.2-miles) and the Van Buren Street Station (0.4-miles).

The location also offers exceptional access to area highways including Interstates 90 and 290 and US Highway 41.

MANHATTAN BUILDING: The Manhattan Building is a sixteen-story building that was constructed in 1891, it is the third oldest surviving highrise in Chicago, and features a unique architectural design that allows for a purely skeletal supporting structure. The iconic building is listed on the National Register of Historic Places and is a designated Chicago Landmark. The Manhattan building features retail units on the ground floor (the subject Property) and 105 residential condominiums ranging from studio units to 3-Bedroom units on the upper floors.

TRAFFIC COUNTS: More than 41,000 vehicles pass the Property each day at the signalized intersection of S Dearborn Street and W Ida B Wells Drive. Additionally, the Property yields significant pedestrian foot traffic as it is surrounded by large office and residential buildings and lies in between several CTA transit stations.

EXCEPTIONAL DEMOGRAPHICS: An impressive 60,300 people live within a 1-mile radius of the Property with an average household income of $205,542. More than 337,400 people live within 3 miles of the Property with an average household income of $177,281. Additionally, there are more than 426,300 employees within a 1-mile radius of the Property.