Private Investor Acquires Fully Leased Retail Condo At 500 North Michigan Avenue For $41 Million
500 North Michigan Avenue
Building Size
21,565 SF
Asset Type
Retail
Closing
Apr 6, 2026
About this deal
AI
A private investor completed the purchase of a fully leased retail condo located at 500 North Michigan Avenue in Chicago, Illinois, for $41 million. The property spans 21,565 square feet, with a price per square foot of $1,901. It is situated on the Magnificent Mile and is fully occupied by tenants, including Bank of America and Chick-fil-A.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $41,000,000
- Square Footage: 21,565
- Price Per Square Foot: $1,901
- Address: 500 North Michigan Avenue
- Market: Chicago
Broker Keely Polczynski from Newmark represented both the buyer and seller in this transaction, facilitating the deal for the involved parties.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93