$ 2,500,000
2628 S State ST Chicago, IL 60616
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$ 2,500,000
Est. payment | /mo
$ 2,500,000
Est. payment | /mo
Key Details
Property Type Vacant Land
Sub Type Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12091041
Annual Tax Amount $28,978
Tax Year 2022
Lot Dimensions 168X125
Property Description
We are thrilled to present an unparalleled investment opportunity in Chicago's vibrant South Loop. This expansive 21,300 sq. ft. corner lot, with an impressive 163' frontage on State Street, is situated in the highly sought-after Douglas neighborhood. Just moments from McCormick Place, IIT College, and downtown Chicago, and with immediate access to I-55, I-94, and Lake Shore Drive, the location is prime for development. Although the Douglas area has seen limited residential development, this plot provides a rare chance to introduce luxury yet affordable residential units in close proximity to the Loop. Envision the potential: 60 upscale apartments at $2,000 per month could generate a remarkable $120,000 in monthly revenue. With the average cap rate for the 60616 zip code at 7.68%, this translates to a potential valuation upside of $18,750,000. The strategic location, coupled with the burgeoning development of new housing and commercial units nearby, makes this an irresistible prospect for discerning investors. Seize the opportunity to transform this prime parcel into a lucrative development in one of Chicago's most dynamic neighborhoods.
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
Waterfront false
Building
Dwelling Type Land
Schools
School District 219 , 219, 219
Others
Ownership Fee Simple
Special Listing Condition None
© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
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! "