2628 S State ST Save Request In-Person Tour Request Virtual Tour
Chicago,IL 60616
Key Details
Property Type Vacant Land
Sub Type Land
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID 12306369
Annual Tax Amount $18,919
Tax Year 2023
Lot Size 0.490 Acres
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
Exterior
Utilities Available Electricity Available,Natural Gas Available,Sewer Connected
Building
Dwelling Type Land
Water Community Water
Schools
School District 219 ,219, 219
Others
Special Listing Condition None