For Sale
$2,650,000

1640 State StChicago, IL 60616

13,646 SF Retail/Warehouse, $2.65M

Overview

Added:
Dec 11, 2024
Days on market:
117
This 13,646-square-foot commercial property in Chicago's South Loop offers a unique investment opportunity. Located at the corner of 16th and State Streets, this single-story, single-tenant building features 12'-16' ceilings, a drive-in door, and five parking spaces. Built in 2001, the property sits on a 15,256-square-foot lot and is zoned M1-1. Currently leased month-to-month, it generates annual rent of $37,452 plus real estate taxes. Its prime location provides easy access to public transportation (CTA Red, Orange, and Green lines) and major expressways, with a daily traffic count of 17,353 vehicles. The property's proximity to downtown Chicago, including The Loop, Michigan Avenue, and various amenities, makes it attractive for both users and developers. A potential redevelopment opportunity exists, with the possibility of creating up to 151 residential units (including 30% efficiencies) by combining this parcel with adjacent properties (1639-1701 South State Street). This presents a significant upside for investors seeking a high-growth area. The property's existing structure includes approximately 2,000 square feet of retail and office space and a 6,000-square-foot warehouse addition. The building is masonry-constructed with an unfinished basement.

Highlights

  • 13,646 SF single-tenant building with 2,000 SF of retail/office and 6,000 SF warehouse.
  • Masonry building, unfinished basement, 12'-16' ceilings, and a 10'x10' drive-in door.
  • Generating $37,452 annual rent plus real estate taxes.
  • Five parking spaces.
  • High-visibility corner lot at State & 16th Streets.
  • Excellent opportunity for owner-occupancy or redevelopment.

Property Details for 1640 State St

Property type
Warehouses, Retail properties
Square Feet
13,646 SF
Year Built
2001
Stories
1

Location Insight

City
Chicago
County
Cook
State
Illinois
Latitude
41.8592091
Longitude
-87.6277002
1640 State St, Chicago, Illinois

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1640 State St
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