This bank owned, approximately 1,450 sf commercial condominium unit located in Chicago’s South Loop had been listed for sale for over a year with an asking price of $169,000.
1133 South Wabash Ave, Unit #C2, Chicago, IL
Bank Owned Real Estate
Sale Price: $194,250
This street level retail/office condo unit was in a high visibility location and fully leased, producing rental income of $2,760/month. However, the tenant’s lease expired July 31, 2015 and contained a five year renewal option that the tenant had not yet exercised nor indicated any intent to exercise. As such, potential purchasers who were end users were discouraged by the remaining term of the lease and investors were discouraged by the lack of certainty regarding potential lease renewal and continuing cash flow.