1640 State St Chicago, IL 60616

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.