Single Tenant State Government Department of Corrections Headquarters | 8% Cap Rate

1110 S Oakley Blvd, Chicago, IL 60612

  • For Sale $4,800,000
  • Property Type Office - Government Office
  • Property Size 30,000 SF
  • Lot Size 0.21 Acre
  • Building Class C
  • Year Built 1903
  • Date Updated Jul 25, 2025
The Downtown Chicago Medical District offers a powerful combination of healthcare excellence, economic vitality, and academic innovation. Anchored by world-renowned institutions like Rush University Medical Center, the University of Illinois Hospital, and the Jesse Brown VA Medical Center, the district serves as a hub for cutting-edge research, specialized patient care, and medical education. Its strategic location near downtown Chicago enhances accessibility for patients, professionals, and researchers, while also supporting workforce development and attracting biomedical investment. The district drives regional growth, fosters public-private partnerships, and plays a critical role in shaping the future of healthcare and life sciences in the Midwest.Rare opportunity to acquire a long term committed single-tenant government-leased facility in Chicago at an 8% cap rate. The three-story ±30,000 SF building serves as the Headquarters for the Chicago Department of Corrections. The mission critical tenant has occupied the property for over 25 years underscoring its strategic location and long-term stability. A new 5-year lease renewal is currently being executed featuring 2.5% annual rental increases. The property provides reliable income growth backed by an A credit government tenant. The opportunity pairs essential state government tenancy with long-term occupancy history and predictable rent escalations. The property is well located within the Illinois Medical District (IMD) in the Tri-Taylor neighborhood in Chicago, sought for its historic architecture and welcoming atmosphere. The submarket has a strong occupancy history with current vacancy of only 5.6% and average rents higher than the subject property. BROKER OF RECORD: KAREN SANDVOSS Be Realty Group 773-572-4590 IL License #: 471022143
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Highlights

  • ±0.37 - Acre level site
  • ±30,000 SF 3-Story building
  • Leased by the State of Illinois A- S&P Global Credit Rating
  • New 5-year lease renewal beginning May 30, 2025
  • Tenant covers the cost of tax increases
  • Tenant covers the cost of utilities

Contacts

broker
Michael Bull, CCIM

Bull Realty

Location

Getting Around

  • Walk Score ®

    86/100 Very Walkable

  • Transit Score ®

    71/100 Excellent Transit

  • Bike Score ®

    90/100 Biker's Paradise
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  • City Chicago, IL
  • Neighborhood Tri-Taylor
  • Zip Code 60612
  • Market Chicago

Points of Interest

  • Uber Tent

    1.19 miles

  • Kedzie

    1.45 miles

  • UIC-Halsted (Morgan Street)

    1.74 miles

  • UIC-Halsted (Peoria Street)

    1.85 miles

  • Central Park

    1.85 miles

  • Halsted Street

    1.94 miles

  • UIC-Halsted (Halsted Street)

    1.96 miles

  • Morgan

    2.09 miles

  • Ashland

    2.16 miles

  • Clinton

    2.28 miles

  • Shell

    0.16 miles

  • Costco Gasoline

    0.84 miles

  • EVgo

    0.85 miles

  • Mobil

    0.92 miles

  • Midwest

    1.02 miles

  • BP

    1.07 miles

  • Marathon

    1.09 miles

  • Citgo

    1.26 miles

  • Electrify America

    1.59 miles

  • Blink ParkChip Garage - 1035 Van Buren

    1.70 miles

  • Lot W5

    0.24 miles

  • Lot A4

    0.44 miles

  • Lot A3

    0.47 miles

  • Lot C4

    0.51 miles

  • Lot B2

    0.52 miles

  • Lot B4

    0.54 miles

  • Wood Street Parking Structure (WSPS)

    0.59 miles

  • Lot M

    0.71 miles

  • Lot N1

    0.76 miles

  • Lot E

    0.77 miles

  • Hyatt Place Chicago - Medical / University District

    0.70 miles

  • Hyatt House Chicago - Medical / University District

    0.76 miles

  • Courtyard by Marriott Chicago at Medical District / UIC

    1.01 miles

  • Hotel Chicago West Loop

    1.10 miles

  • Hyatt House

    1.84 miles

  • Sonder Greektown

    1.99 miles

  • Chicago Parthenon Hostel

    2.00 miles

  • Crowne Plaza Chicago West Loop

    2.12 miles

  • Nobu Hotel

    2.14 miles

  • Hoxton Hotel

    2.20 miles

  • McDonald's

    0.09 miles

  • White Castle

    0.10 miles

  • Bacci Pizzeria

    0.11 miles

  • Jarabe- Mexican Street Food

    0.11 miles

  • Damenzo's Pizza

    0.13 miles

  • KFC

    0.13 miles

  • Lulu's Hot Dogs

    0.16 miles

  • Burger King

    0.27 miles

  • Veterans Canteen Service - Cafeteria

    0.37 miles

  • EL Ideas

    0.37 miles

  • Chicago Hope Academy

    0.25 miles

  • Washington-Irving Elementary School

    0.32 miles

  • University of Illinois at Chicago West Campus

    0.34 miles

  • UIC College Prep

    0.44 miles

  • Therapeutic School and Center for Autism Research

    0.50 miles

  • Precious Blood School

    0.54 miles

  • Chalmers Elementary School

    0.60 miles

  • Crane Technical Preparatory Common High School

    0.66 miles

  • Plamondon Elementary School

    0.67 miles

  • Shepard School

    0.72 miles

  • New Zion Childcare Academy

    0.48 miles

  • Adams Street Child Care Center

    0.86 miles

  • Dorie Miller Child Parent Center

    1.04 miles

  • Taylor Tots

    1.11 miles

  • YMCA Child Care

    1.68 miles

  • Kid City

    1.70 miles

  • John & Mary Madden Center

    1.82 miles

  • Herzl Child-Parent Center

    1.90 miles

  • Kids & Company

    1.91 miles

  • Sonnets Academy

    1.93 miles

Frequently Asked Questions

How much does Single Tenant State Government Department of Corrections Headquarters | 8% Cap Rate cost?

The space currently listed for sale at Single Tenant State Government Department of Corrections Headquarters | 8% Cap Rate asks for $4,800,000.

What is the total square footage of Single Tenant State Government Department of Corrections Headquarters | 8% Cap Rate?

Single Tenant State Government Department of Corrections Headquarters | 8% Cap Rate totals 30,000 square feet.

When was this property built?

Single Tenant State Government Department of Corrections Headquarters | 8% Cap Rate was built in 1903.

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Contact Listing Broker
broker
Michael Bull, CCIM

Bull Realty

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