1616 Glenlake AveChicago, IL 60660

Property Details for 1616 Glenlake Ave

Year built

1968

Lot size

0.34 AC

Property size (Sq ft)

11,700 SF

Property type

Industrial properties

APN

14-06-217-036

APU

1406217036

Description

This exceptional 10,400-square-foot industrial flex space, located at 1616 W Glenlake Ave in Chicago's Edgewater neighborhood (zip code 60660), presents a unique investment opportunity. The single-story building boasts 12-14 foot ceilings and sits on a sizable 14,700-square-foot lot, zoned B3-2. Currently vacant with an occupancy date of October 9, 2024, this property is ideal for a variety of uses, including light industrial, warehouse, and distribution operations. Its former use as a printing shop also makes it suitable for commercial or residential redevelopment. The property benefits from its strategic location, offering excellent access to Lake Shore Drive and public transportation. The surrounding area boasts a strong daytime population of 31,870 and a median household income within 1.5 miles of $59,545, indicating a robust market. High traffic volume, with nearly 20,000 vehicles passing daily on nearby Clark Street, further enhances its commercial viability. This is a rare chance to acquire a centrally located property in a thriving North Side neighborhood. The asking price is $1,375,000.

• CAP approach

  CAP return

  Valuation

  6%

  $7,986,210

  6.5%

  $7,371,890

  7%

  $6,845,320

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,438,280

  Geo Method

  $2,438,280

• Alternative Use

  Use

  Valuation

  Retail / Commercial

  $3,757,150

  Mixed-Use / Specialty

  $3,725,550

  Hospitality / Lodging

  $2,709,600

  Office

  $3,684,440

  Institutional / Educational

  $3,866,560

  Residential Income

  $4,523,870

  Multifamily

  $5,526,660

  Automotive / Energy

  $3,314,190

  Parking / Income-Based Land

  $1,161,680

  Restaurant / Food Service

  $1,898,810

  Healthcare / Senior Housing

  $3,839,160

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.9931

Longitude

-87.671

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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