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1316 S Michigan Ave
0.24 Acres of Commercial Land Offered at $4,800,000 in Chicago, IL 60605
Executive Summary
+ Building: +/- 2,000 SF, SingleStory Retail Building
+ Price: $4,850,000
+ Current Use: Income-producing paved parking lot and single tenant retail building.
+ Tenants: Hotel BnB occupies the entire 2,000 SF building and pays a Basic Rent of $7,120 per month. Tenant also pays utilities, insurance, and a portion of the real estate taxes.
+ Parcel Number: 17-22-104-019
+ Taxes: $72,822.89
+ Zoned: DX-7 Downtown Mixed-Use District
Property Facts
| Price | $4,800,000 | Property Type | Land |
| Sale Type | Investment | Property Subtype | Commercial |
| Sale Conditions | Redevelopment Project | Proposed Use | Commercial |
| No. Lots | 1 | Total Lot Size | 0.24 AC |
| Price | $4,800,000 |
| Sale Type | Investment |
| Sale Conditions | Redevelopment Project |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Commercial |
| Total Lot Size | 0.24 AC |
1 Lot Available
Lot
| Price | $4,800,000 | Lot Size | 0.24 AC |
| Price Per AC | $20,000,000 |
| Price | $4,800,000 |
| Price Per AC | $20,000,000 |
| Lot Size | 0.24 AC |
Description
Pleased to present the land parcel at 1316 S. Michigan Ave. in the South Loop market of Downtown Chicago, IL. The property located at 1316 S. Michigan in Downtown Chicago, IL, is a prime retail and land property that offers an exceptional opportunity for investors and business owners alike. The property consists of a 2,000 square foot retail space, as well as a total of 10,800 square feet for the land, making it an ideal location for a variety of businesses. Located in the heart of Downtown Chicago, the property benefits from a prime location that offers excellent visibility and foot traffic. The surrounding area is a bustling commercial and residential district, with numerous shopping and dining options, as well as a variety of entertainment venues and cultural attractions. Currently, the property serves as a paved parking lot and a hospitality facility known as Hotel BnB. The single-story building occupies only 2,000 square feet of the 10,800-square-foot lot; therefore, demolition and site work costs would be minimal in the event of vertical construction redevelopment. Overall, the property at 1316 S. Michigan represents an exceptional opportunity for investors and business owners looking to establish a presence in one of the most dynamic and thriving neighborhoods in Downtown Chicago. With its prime location, modern amenities, and ample potential for growth and development, this property is a must-see for anyone interested in investing in the future of Chicago's retail and commercial landscape.
PROPERTY TAXES
| Parcel Number | 17-22-104-019-0000 | Improvements Assessment | $9,867 |
| Land Assessment | $270,000 | Total Assessment | $279,867 |
PROPERTY TAXES
zoning
| Zoning Code | DX-7 (Downtown Mixed-Use District) |
| DX-7 (Downtown Mixed-Use District) |
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Tony Hardy -
Travis Montgomery -
Kelly Rich -
Ariana Abercrumbie -
Midwest Investment Advisors
Learn More About Investing in Land
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1316 S Michigan Ave
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