2628 S State ST Chicago, IL 60616

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Park Place Realty Group LLC

info@parkplacerealtyllc.com +1(708) 722-5106

UPDATED:

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

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 Electricity Available, Natural Gas Available, Sewer Connected

Building

Dwelling Type Land

Water Community Water

Schools

School District 219 , 219, 219

Others

Ownership Fee Simple

Special Listing Condition None

Listed by Michael Applegate • Straight-A Realty, LLC

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Park Place Realty Group LLC

Broker | License ID: 888222

+1(708) 722-5106