642 North Dearborn Street

River North is one of Chicago's most dynamic and sought-after commercial districts, blending a mix of office, retail, hospitality, and residential uses within a walkable, transit-connected urban core. Located just north of the Loop and bounded by the Chicago River, the neighborhood has evolved from a former industrial and warehouse hub into a thriving mixed-use environment characterized by creative offices, premier dining, art galleries, design showrooms, and boutique hotels. Known for its architectural character and adaptive reuse projects, River North continues to attract a diverse tenant base-from professional service firms and tech startups to luxury retailers and nationally recognized restaurant concepts. Its concentration of amenities, accessibility via CTA Brown and Red Lines, and proximity to major expressways make it an ideal location for both businesses and investors seeking long-term stability in the downtown Chicago market. As one of the city's most active and resilient sub-markets, River North benefits from steady investment activity and a consistent flow of visitors, residents, and professionals who contribute to a robust daytime and evening economy. The combination of high visibility corridors, strong demographics, and a built environment that supports both legacy and new-generation users positions River North as a premier location for commercial real estate ownership and redevelopment opportunities.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.