Pooch Hotel

2228 N Clybourn Ave Chicago , IL 60614-3012

Pooch Hotel - Retail for sale

Overview


JLL is pleased to present the opportunity to acquire a single-tenant net leased luxury pet hotel, Pooch Hotel, in Lincoln Park. The Property is subject to a double net lease with minimal landlord responsibilities (detailed in the OM) and the tenant just extended their lease 6 years, leaving 10 years remaining on the contractual term. The location of the Asset is unparalleled, and the residual value of the real estate will continue to appreciate as Clybourn continues to grow and Sterling Bay's Lincoln Yards development begins construction. The offering presents an outstanding opportunity to acquire a long-term stabilized urban investment with an accretive yield and consistent rent growth over the course of the term.

Investment Highlights


  • $5 billion Lincoln Yards development includes 50 story skyscrapers, over 20 acres of public space, 23,000 permanent jobs and more
  • Located in Chicago’s most premier and established urban submarket
  • Double net lease with 10 years remaining and minimal LL responsibilities
  • Recently extended lease and 14 year successful historical occupancy; Pooch Hotel’s first location in U.S.
  • High traffic corridor and conveniently accessible to all residents of Bucktown and Lincoln Park
  • Mariano’s, The Home Depot, Best Buy, Costco, Menards and many others occupy space along Clybourn
  • Ideally positioned to capture commuter traffic traveling downtown or to O’Hare International Airport on Interstate 90/94
General
Property Type Retail
Tenure Type Sale / Purchase
Property Address 2228 N Clybourn Ave, Chicago, IL 60614-3012
Land In Acres 0.1
Building Size 9,086  ft2
Financial
Price $3,120,000
Cap Rate 6.65%
Current NOI $207,504.00
Lease
Tenant's Name Pooch Hotel
Lease Type NN
Annual Rent $207,504.00
Lease Expiration Date 01/31/2029
Remaining Term 9.8Yrs

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