642 North Dearborn Street
- Highly desirable historical River North property adjacent to highly acclaimed Tao.
- Income producing, mixed-use investment opportunity with projected $148,318 NOI.
- YTD total performance for STR (March, April, May, June) is significantly higher than the stated income, averaging $9,704 per month.
- Property consists of a total of 5-units, billboard income and a shared outdoor garden patio.
- Favorable remaining lease terms, along with the flexibility to generate additional income through short-term rental management or to convert units back to traditional residential apartments. Short-term rental co-hosting agreement can be canceled with 30 days’ notice.
- Recent upgrades include newer water heaters, completely updated 3rd floor, including new flooring, new kitchenette, new countertops, new appliances, new cabinetry, and new bathroom completed in 2025. Updated 4th floor, similar to the 3rd floor update, completed in 2021. Coach House has brand new vinyl flooring, newly painted kitchen cabinets, newly painted and newer appliances.
- Exceptional walkability in the heart of River North, with immediate access to everyday conveniences and high-end lifestyle amenities.
- Favorable DX-5 zoning permitting a variety of uses.
- Easy access to major transport, including the CTA Red, Brown, and Purple lines and 90/94 Expressway via Ontario and Ohio Streets.
Property Description
This is an income-producing, mixed-use investment opportunity with a projected NOI of $148,318. The highly desirable historical River North property is adjacent to the highly acclaimed Tao restaurant and consists of five units, billboard income, and a shared outdoor garden patio. The property benefits from favorable remaining lease terms, an opportunity for short-term rental management or to convert STR unit(s) back to traditional residential apartment, and favorable DX-5 zoning permitting a variety of uses. Recent upgrades include a completely updated 3rd floor completed in 2025 and an updated 4th floor completed in 2021. The property is located in the heart of River North, offering exceptional walkability, immediate access to amenities, and easy access to major transport options, including the CTA Red, Brown, and Purple lines and 90/94 Expressway.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $2,050,000 |
| No. of Units: | 5 |
| Year Built: | 1871 |
| Lot Size: | 0.06 Acres |
| Opportunity Zone: | No |
| Price per unit: | $410,000 |
| Property Website | Click Here |
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