UNDER CONTRACT – MULTI-FAMILY
417 South Dearborn Street Chicago, IL 60605
NEIGHBORHOOD
South Loop
PRICE
Call for details
NUMBER OF UNITS
30
PROPERTY LISTED

UNIQUE OPPORTUNITY: Essex Realty Group, Inc. has been exclusively engaged to market for sale, The Plymouth @ 417 South Dearborn Street, a turn of the century classic building in the heart of Chicago’s Loop. This unique opportunity features 30 apartments, a ground level lobby, plus a rooftop club room & terrace. Sonder, Inc., an international hospitality company combining the comfort of a home or apartment rental with the amenities of a hotel, is in year 2 as the sole tenant of the property. The apartments were originally intended for student housing as several universities are located near the property. Sonder is the ideal tenant to reside in 417 S Dearborn St as they guarantee 100% occupancy with extremely reduced costs and time that is typically required to manage the property. Sonder maintains the property themselves with very little responsibility needed from the landlord, and they have maintained a perfect payment history, even through the Covid-19 pandemic.

AMAZING LOCATION: The subject parcel is in the heart of Chicago’s Loop, surrounded by a wide array of shopping and dining options, universities and public transportation. The property is located adjacent to the Harold Washington Library-State/Van Buren CTA Station, servicing the brown, orange, pink and purple lines, and is less than a mile from Chicago’s Auditorium Theatre and the popular Grant Park.

LOCATION DETAILS

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HIGHLIGHTS
  • Projected Value in the Final Year of Lease is $22,600,000
  • Master Leased to Sonder Hospitality, Currently Valued at Over $1bn
  • Sonder Responsible for Day-to-Day Maintenance of the Property
  • Sonder has Maintained Perfect Payment History Since Beginning of COVID-19 Pandemic
  • Current Valuation $1 Billion+ https://www.forbes.com/sites/stevenbertoni/2020/06/24/hospitality-startup-sonder-raises-170-million-at-a-13-billion-valuation-during-covid-travel-collapse/?sh=4720a9b148aa
  • Backed by Jeff Bezos' Investment Group, Expeditions https://www.cretech.com/news/jeff-bezos-investment-sonder-takes-over-long-island-city-hotel-rooms/
  • https://www.bezosexpeditions.com/
  • https://americanbuildersquarterly.com/2020/02/28/martin-picard-sonder/
  • https://www.cnbc.com/2021/02/20/how-francis-davidson-started-sonder-in-college-apartment.html
  • https://therealdeal.com/national/2021/01/12/vc-backed-sonder-beefs-up-executive-suite/
  • https://skift.com/2021/01/19/travel-ipos-to-watch-for-in-2021/
  • Reserve a Room! https://bit.ly/2NFEsJ2
LISTING BROKERS
Jim Darrow
Principal
773.305.4920
Jordan Gottlieb
Principal
773.305.4922