755 North Wells Street

100% Occupied Urban Medtail & Luxury Corner Flagship · 13,434 SF GLA · 7.50% Cap Rate

Prepared for Cushman & Wakefield · Marks, Halkias & Matheis

I

Corner Pedigree & Thesis

$8,300,000 · $623,096 In-Place NOI · 5.615% Assumable Debt

Aerial view of 755 North Wells Street in River North, Chicago North Wells Street corridor in River North Street-level retail frontage along North Wells Street and West Chicago Avenue 755 North Wells Street three-story masonry corner building First floor architectural plan of 755 North Wells Second floor architectural plan of 755 North Wells Third floor architectural plan of 755 North Wells Renovated brick facade and corner retail bays at 755 North Wells Drybar ground-floor corner salon interior Unique Nail Bar third-floor studio interior Gage Diamonds third-floor flagship showroom Center for Dermatology and Aesthetic Medicine reception 755 North Wells corner view River North retail and residential corridor Gage Diamonds consultation showroom River North skyline and Wells Street intersection Drybar salon stations Center for Dermatology clinic lobby Unique Nail Bar manicure stations Gage Diamonds 3,100 SF third-floor showroom Radiant Outdoor rooftop billboard closeup 755 North Wells streetscape 755 North Wells full corner elevation Long-term rooftop billboard at 755 North Wells Street

1970

River North Corner Pedigree

River North, Chicago · 1970

A Premier Signalized Corner on 0.13 Acres.

Constructed at the southeast corner of North Wells Street (42,190 VPD) and West Chicago Avenue (22,882 VPD), capturing 65,072 daily vehicles one block east of the Brown and Purple Line CTA station.

1999 & 2015 Renovations

13,434 SF With Zero Deferred Maintenance

Comprehensive structural and mechanical renovations in 1999 and 2015 repositioned all three stories with modern elevator access, updated HVAC, and dedicated loading off the southeast alley.

2016 to 2024 Lease-Up

100% Leased Urban Medtail & Luxury Roster

Six service-oriented medical, aesthetic, and fine jewelry tenants (Drybar, goGLOW, Thread Away, Center for Dermatology, Gage Diamonds, and Unique Nail Bar) provide Amazon-resistant cash flow with a 5.5-year WALT.

2025 Offering · $8,300,000

$623,096 In-Place NOI at a 7.50% Cap Rate

Offered at $617.84 per square foot directly adjacent to The Leo, a brand-new 21-story, 168-unit luxury apartment tower at 741 North Wells Street, within a 1-mile catchment of 99,076 residents earning $178,000 average household income.

Through November 2028

5.615% Assumable CMBS Debt · 12.49% Levered Yield

Qualified buyers can assume the $6,377,315 Morgan Stanley CMBS loan at a fixed 5.615% interest rate with only $1,942,536 of initial equity, driving levered cash-on-cash yields of 13.51% in Year 2, 14.32% in Year 3, and 17.64% in Year 4.

2025 to 2035 Compound Growth

$897,309 Year-10 NOI & Billboard Through 2035

Contractual 3% annual escalations, Suite 202 mark-to-market re-leasing upside, and the extended Radiant Outdoor rooftop billboard lease ($114,232/yr in FY25, rising to $147,601/yr) compound NOI at 4.1% annually with a 120-day redevelopment termination right.

"High quality urban medtail low-rise mixed-use asset with stable in-place income, below-market assumable financing, and zero deferred maintenance." Cushman & Wakefield · Retail Investment Advisors
  1. 1970
  2. 2015
  3. 2024
  4. 2025
  5. 2028
  6. 2035

II

The Building, Floor by Floor

Three commercial levels plus the rooftop billboard crown

Architectural elevation line drawing of 755 North Wells Street, Chicago

13,434 SF GLA · 100% Occupied

Four Vertical Levels of Compounding Cash Flow.

Click once (or press Space) to peel back the facade and inspect each floor level, tenant suite, and revenue stream.

All 4 Revenue Levels · 13,434 SF GLA + Rooftop Crown

100% Occupied River North Medtail & Luxury Flagship

$944,149 Effective Gross Revenue · $623,096 In-Place NOI (7.50% Cap) · 5.5-Year WALT

Drybar ground-floor corner flagship interior at 755 North Wells First floor architectural plan showing Drybar, goGLOW, and Thread Away

Floor 1 · 4,153 SF GLA · $382,903 Gross Revenue (46%)

Street-Level Corner Retail.

  1. 101Drybar (1,898 SF · 14% GLA): Leased through 1/31/2030 with two 5-year options. $57.27/SF base rent ($108,700/yr) plus $83,474 NNN recoveries ($192,174/yr gross).
  2. 102goGLOW (1,483 SF · 11% GLA): Leased through 6/30/2032. $58.55/SF base rent ($86,833/yr) plus $47,484 recoveries ($134,317/yr gross).
  3. 103Thread Away (772 SF · 6% GLA): Leased through 3/31/2029 with one 5-year option at $51.66/SF base rent ($56,412/yr gross). Ground-floor market rent is $60.00/SF NNN.
Center for Dermatology and Aesthetic Medicine reception at 755 North Wells Second floor architectural plan showing Center for Dermatology and Suite 202

Floor 2 · 4,431 SF GLA · $224,494 Gross Revenue

Medical Aesthetics & Re-Leasing Upside.

  1. 200DCenter for Dermatology & Aesthetic Medicine (2,803 SF · 21% GLA): Board-certified medical and cosmetic dermatology clinic leased through 12/31/2031 at $42.82/SF base rent ($120,029/yr base, $181,479/yr gross, 22% of building revenue).
  2. 202Corner Suite 202 (1,628 SF · 12% GLA): Gage Diamonds' original second-floor suite ($28.14/SF legacy rate) after expanding upstairs into Suite 301.
  3. MLAImmediate Mark-to-Market Catalyst: Re-leasing Suite 202 at Cushman & Wakefield's $45.00/SF NNN second-floor market rent lifts Year-2 NOI from $623,096 to $707,544 (+13.6%).
Gage Diamonds third-floor fine jewelry showroom at 755 North Wells Unique Nail Bar third-floor studio at 755 North Wells

Floor 3 · 4,850 SF GLA · $223,629 Gross Revenue (27%)

Gage Diamonds & Unique Nail Bar.

  1. 301Gage Diamonds Flagship Showroom (3,100 SF · 23% GLA): Expanded upstairs in November 2023 through 10/31/2028. $28.28/SF base rent ($87,669/yr base plus $66,362 recoveries = $154,031/yr gross).
  2. 300BUnique Nail Bar (1,750 SF · 13% GLA): Brand-new 10-year lease signed October 2024 through 9/30/2034 (with one 5-year option) at $39.77/SF ($69,598/yr gross).
Radiant Outdoor rooftop billboard at 755 North Wells Street

Rooftop Crown · Extended Through April 30, 2035

$114,232/Yr Billboard Cash Flow.

  1. 0110+ Years Remaining Term: Recently extended lease with Radiant Outdoor (Big Outdoor) running through 4/30/2035 with 3.0% annual escalations (reaching $147,601/yr in Year 10) plus a Percentage Rent clause.
  2. 02120-Day Redevelopment Right: If the Landlord or successor elects to demolish and redevelop the property, ownership may terminate the billboard lease upon 120 days prior notice.

III

River North Catchment

99,076 Residents · $178,000 Average Household Income (1-Mile)

Chicago Near North Side

Chicago's Most Dynamic Live-Work-Play Submarket.

Positioned between the Gold Coast, Magnificent Mile, Fulton Market, and the Loop, River North combines 20.9M SF of office inventory, 3.2M SF of flagship retail, and 60+ hotels.

  • 99,076 residents within 1 mile ($178,000 average household income)
  • 4.2M SF Merchandise Mart (30,000 daily visitors) blocks south
  • 60+ luxury hotels (The Langham, Four Seasons, Waldorf Astoria)
  • 301,602 residents within 3 miles ($159,259 average household income)

SEC of N. Wells St & W. Chicago Ave

Visible. Dense. Magnetic.

Visible · 65,072 VPD + CTA
42,190 VPD on N. Wells St and 22,882 VPD on W. Chicago Ave, one block east of the Chicago-Franklin Brown and Purple Line CTA station (490,000+ annual riders, up 7% YoY).
Dense · 1,364+ Immediate Luxury Units
Directly next door to The Leo (brand-new 21-story, 168-unit luxury tower at 741 N. Wells) and steps from One Chicago (77u), Aurelien (373u), 21 W. Chestnut (279u), and Chestnut Tower (230u).
Magnetic · Daytime & Evening Foot Traffic
Surrounded by River North's premier dining corridor, Moody Bible Institute campus, Walter Payton College Prep, and Michigan Avenue luxury retail.
755 North Wells Street corner facade in River North, Chicago

Interactive Offering Memorandum · Chapter 1 Preview

755 North Wells Street · $8,300,000

Press A or click below to inspect the full Financial Annex (Rent Roll, 10-Year Cash Flow, 5.615% Loan Assumption & Comps).

Exclusively Listed By Cushman & Wakefield Retail Investment Advisors MICHAEL MARKS · EVAN HALKIAS · DAVID MATHEIS

Interactive Data Room · 755 North Wells Street

Financial & Property Annex

Annex A1 · Offering Overview

Executive Offering Summary

755 North Wells Street · SEC of N. Wells St & W. Chicago Ave · River North, Chicago, IL 60654

$8,300,000

Offering Price ($617.84 / SF across 13,434 SF GLA).

7.50%

In-Place Cap Rate on Year-1 Net Operating Income.

$623,096

In-Place Annual NOI ($46.38 / SF), growing to $897,309 in Year 10.

100%

Occupancy across 6 commercial suites plus rooftop billboard.

5.5 Yrs

Weighted Average Remaining Lease Term (WALT) across the building.

4.1%

10-Year Compound Annual NOI Growth Rate (FY25 to FY34).

5.615%

Assumable fixed CMBS interest rate ($6,377,315 loan balance).

12.49%

Average Leveraged Cash-on-Cash Return on $1,942,536 equity.

Cook County PIN: 17-09-203-001-0000 · Site Size: 0.13 Acres · Year Built / Renovated: 1970 / 1999 / 2015 · Source: Cushman & Wakefield OM (p. 5 & p. 22).

Annex A2 · Verified Rent Roll

Complete Tenant Rent Roll

100% occupied across 6 suites (13,434 SF) plus Radiant Outdoor rooftop billboard ($944,149 Effective Gross Revenue).

Suite / Tenant SF (% GLA) Lease Dates Base Rent / SF Annual Base Recoveries Gross Revenue Options
101 · Drybar1,898 (14%)02/2016 - 01/2030$57.27$108,700$83,474$192,174Two 5-Yr
102 · goGLOW1,483 (11%)07/2017 - 06/2032$58.55$86,833$47,484$134,317None
103 · Thread Away772 (6%)04/2019 - 03/2029$51.66$39,878$16,534$56,412One 5-Yr
200D · Center for Dermatology2,803 (21%)11/2016 - 12/2031$42.82$120,029$61,450$181,479None
202 · Corner Showroom (Gage)1,628 (12%)Re-Leasing @ $45 NNN$15.47$25,184$17,831$43,015Mark-to-Mkt
301 · Gage Diamonds Flagship3,100 (23%)11/2023 - 10/2028$28.28$87,669$66,362$154,031None
300B · Unique Nail Bar1,750 (13%)10/2024 - 09/2034$39.77$69,598Gross$69,598One 5-Yr
Commercial Suites Total + Billboard ($113,123)13,434 SFWALT: 5.5 Yrs$40.04$537,891$293,135$944,149Thru 2035

All figures verified from Cushman & Wakefield Offering Memorandum Rent Roll (pp. 23-24). Contractual base rents escalate ~3.0% annually across suites.

Annex A3 · 10-Year Financial Projections

Compounding NOI Growth (4.1% CAGR)

Net Operating Income expands from $623,096 in Year 1 (FY25) to $897,309 in Year 10 (FY34).

Projected Annual Net Operating Income ($ Thousands · FY25 to FY34)

Year 1 Breakdown: $537,899 Base Rent + $293,127 Expense Recoveries + $113,123 Billboard Income = $944,149 EGR less $321,053 Operating Expenses ($236,367 RE Taxes) = $623,096 NOI.

$944,149

Year 1 Effective Gross Revenue

$623,096

Year 1 In-Place NOI

$707,544

Year 2 Projected NOI (+13.6%)

$818,017

Year 6 Projected NOI

$897,309

Year 10 Projected NOI

10.81%

Yield on Cost by Year 10

Source: Cushman & Wakefield 10-Year Cash Flow Projection (OM p. 22). Operating Expenses are 91.3% recovered via NNN tenant reimbursements.

Annex A4 · Accretive Debt Assumption

5.615% Assumable CMBS Financing

Existing $6,377,315 fixed-rate loan requires only $1,942,536 initial equity and drives a 12.49% average levered cash-on-cash yield.

Existing CMBS Loan Terms (OM p. 25)

Loan ParameterVerified Term
Originator / ServicerMorgan Stanley / PNC Midland
Origination / Maturity Date10/24/2018 to 11/01/2028
Original Loan Principal$7,000,000
Assumable Loan Balance (May 2025)$6,377,315 (76.8% LTV)
Fixed Interest Rate5.615% Fixed
Monthly Debt Service (P&I)$37,089.13 / mo ($445,070 / yr)
Initial Equity Required (incl. $19,851 Reserve)$1,942,536

Leveraged Cash Flow Schedule (FY25 to FY28)

MetricYr 1 (FY25)Yr 2 (FY26)Yr 3 (FY27)Yr 4 (FY28)
Net Operating Income$623,096$707,544$729,809$751,106
Capital & TI/LC Costs($129,426)$0($6,471)($6,665)
5.615% Debt Service($445,070)($445,070)($445,070)($401,852)
Net Levered Cash Flow$48,600$262,474$278,268$342,589
Leveraged Cash-on-Cash Yield2.50%13.51%14.32%17.64%

Average Leveraged Return across hold period: 12.49% per annum · Remaining Principal at Maturity (11/1/2028): $5,976,972 · Source: Cushman & Wakefield OM (p. 25).

Annex A5 · Architectural Breakdown

The Building, Floor by Floor

Three stories (13,434 SF GLA) plus the Radiant Outdoor rooftop billboard crown. Click any floor pill below to isolate that level.

All 4 Revenue Levels · 13,434 SF GLA + Rooftop Crown

100% Occupied River North Medtail & Luxury Flagship

$944,149 Effective Gross Revenue · $623,096 In-Place NOI (7.50% Cap) · 5.5-Year WALT

Floor 1 · Street Retail (4,153 SF · MLA $60/SF NNN)

  • Suite 101 · Drybar (1,898 SF): $57.27/SF base, $192,174/yr gross, exp. 1/31/2030 (two 5-yr options)
  • Suite 102 · goGLOW (1,483 SF): $58.55/SF base, $134,317/yr gross, exp. 6/30/2032
  • Suite 103 · Thread Away (772 SF): $51.66/SF base, $56,412/yr gross, exp. 3/31/2029 (one 5-yr option)

Floor 2 (4,431 SF · MLA $45/SF) & Floor 3 (4,850 SF · MLA $30/SF)

  • Suite 200D · Center for Dermatology (2,803 SF): $42.82/SF base, $181,479/yr gross, exp. 12/31/2031
  • Suite 202 · Corner Showroom (1,628 SF): Immediate mark-to-market re-leasing upside at $45.00/SF NNN
  • Suite 301 · Gage Diamonds (3,100 SF): $28.28/SF base, $154,031/yr gross, exp. 10/31/2028
  • Suite 300B · Unique Nail Bar (1,750 SF): $39.77/SF gross ($69,598/yr), new 10-yr lease thru 9/30/2034

Annex A6 · Catchment & Density

River North Demographics & Density

Affluent, transit-connected Near North Side trade area surrounded by newly delivered luxury residential towers.

1-Mile Population (2025)

99,076

Residents within 1 mile of 755 North Wells Street, with 301,602 residents inside 3 miles.

Chicago-Franklin CTA: 490,000+ Riders/Yr (+7% YoY)

Average Household Income
Immediate Luxury Apartment Towers
Daily Corner Traffic (VPD)

Source: Cushman & Wakefield Offering Memorandum Demographic & Submarket Overview (pp. 3, 13-19). 20.9M SF office inventory and 3.2M SF retail inventory in River North.

Annex A7 · 100% Medtail, Wellness & Fine Jewelry

Tenant Brand & Credit Profiles

High-retention experiential medical, personal care, and luxury retail tenants immune to e-commerce substitution.

Center for Dermatology and Aesthetic Medicine

Suite 200D · 2,803 SF · Thru Dec 2031

Center for Dermatology & Aesthetic Medicine: Premier medical and cosmetic dermatology clinic led by board-certified dermatologists Dr.asha Kalimullah and Dr. Kevin Cavanaugh ($181,479/yr gross revenue).

Gage Diamonds Flagship Showroom

Suite 301 · 3,100 SF · Expanded Nov 2023

Gage Diamonds: Chicago's premier engagement ring, fine jewelry, and luxury watch showroom. Expanded from 1,628 SF on Floor 2 into a 3,100 SF third-floor flagship ($154,031/yr gross revenue).

Drybar River North Corner Flagship

Suite 101 · 1,898 SF · Thru Jan 2030

Drybar + goGLOW + Unique Nail Bar: National blowout category leader Drybar ($192,174/yr gross, 165+ U.S. locations), goGLOW ($134,317/yr thru 2032), and Unique Nail Bar (new 10-yr lease thru 2034).

Additional Tenant: Thread Away (Suite 103, 772 SF, leased since 2019 through March 2029 with one 5-year renewal option, $56,412/yr gross).

Annex A8 · Exclusive Investment Advisors

Cushman & Wakefield Advisory Team

225 West Wacker Drive, Suite 3000, Chicago, IL 60606 · Retail Investment Advisors

Executive Director

Michael Marks

Cushman & Wakefield · Chicago

Direct: +1 312 470 2317
Email: michael.marks@cushwake.com

Executive Director

Evan Halkias

Cushman & Wakefield · Chicago

Direct: +1 312 470 2318
Email: evan.halkias@cushwake.com

Associate Director

David Matheis

Cushman & Wakefield · Chicago

Direct: +1 312 470 2347
Email: david.matheis@cushwake.com

Interactive Chapter 1 Deal Room built by InteractivePitchDeck (interactivepitchdeck.pages.dev) directly from the 30-page Cushman & Wakefield Offering Memorandum (Download Original PDF OM).