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$ 1,999,000
Est. payment | /mo
0.49 Acres Lot
$ 1,999,000
Est. payment | /mo
0.49 Acres Lot
Key Details
Property Type Vacant Land
Sub Type Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12306369
Annual Tax Amount $18,919
Tax Year 2023
Lot Size 0.490 Acres
Lot Dimensions 168X125
Property Sub-Type Land
Property Description
We are thrilled to present an exceptional investment opportunity in Chicago's dynamic Douglas neighborhood, just one block south of the South Loop. This expansive 21,300 sq. ft. corner lot with 163' of frontage on historic State Street is ideally positioned minutes from McCormick Place, Illinois Institute of Technology, and downtown Chicago. With immediate access to I-55, I-94, and Lake Shore Drive, this prime location offers unparalleled potential for development. Although Douglas has seen limited residential expansion, this site presents a rare chance to introduce luxury yet attainable housing in a high-demand market. Imagine 60 upscale apartments renting at $2,000 per month, generating an impressive $120,000 in monthly revenue. With an average cap rate of 7.68% in the 60616 zip code, this translates to a potential valuation of $18,750,000. Zoned C2-3, the property allows for a wide range of commercial uses, including retail, auto-related businesses, liquor stores, and warehouses, while also offering potential for rezoning to accommodate a high-density residential project. State Street has long been a cornerstone of Chicago's history, and this site offers investors the chance to be part of its next evolution. With the South Loop's continued expansion and the demand for high-end residential units on the rise, this property is a rare gem in one of the city's most exciting and rapidly transforming neighborhoods. Don't miss this incredible opportunity-contact us today to learn more!
Location
State IL
County Cook
Area Chi - Douglas
Zoning COMMR
Interior
Fireplace N
Exterior
Utilities Available Electric to Site, Gas to Site, Sanitary Sewer, Water-Community
Building
Dwelling Type Land
Schools
School District 219 , 219, 219
Others
Ownership Fee Simple
Special Listing Condition None
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Listed by Michael Applegate • Straight-A Realty, LLC
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "