Active
2628 S State Street
Chicago IL, 60616
$2,500,000
Active
Land
Courtesy of Straight-A Realty, LLC
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.
12091041
MLSⓇ ID
June 22, 2024
Listed
November 25, 2024
Updated
Map
2628 S State Street
Chicago IL, 60616
School Information
School District
219
Other Property Details
Area Name
CHI - Douglas
Taxes
$28,978
Tax Frequency
Annually
Days on Market
146
Garage
No
Parking Total
0
View
No
County
Cook
Municipality
Hyde Park
Pool
No
Zoning
COMMR
Courtesy of Straight-A Realty, LLC, Michael Applegate,
Listing Contact: 708-743-0043
The data relating to real estate for sale on this website comes in part from the Broker ReciprocitySM Program of Midwest Real Estate Data. Real estate listings held by brokerage firms other than Tiffany Willis are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.
Based on information submitted to the MLS GRID for MRED 11/25/2024. All data is obtained from various sources and has not been, and will not be, verified by broker, MRED or MLS GRID. MLS Grid and MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. IDX information is provided exclusively for consumers’ personal non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed by MTP or MRED. The use of the MRED Data may be subject to an end-user license agreement prescribed by the Member Participant’s applicable MLS if any and as amended from time to time.
©2024 Listings Courtesy of MRED as distributed by MLS GRID. All rights reserved.
Data last updated 5:04 PM UTC, 11/25/2024
