2215 Michigan AveChicago, IL 60616

Property Details for 2215 Michigan Ave

Year built

1915

Lot size

0.18 AC

Property size (Sq ft)

54,400 SF

Property type

Retail properties

Property subtype

Retail space

APN

17-27-102-002

APU

1727102002

Description

This exceptional 32,000-square-foot industrial/mixed-use property, located in Chicago's prestigious Motor Row Historic District, presents a unique investment opportunity. The four-story building, constructed in 1915, boasts a striking brick and veneer exterior and a heavy timber wood structure. Recent upgrades include masonry tuckpointing, new floor-to-ceiling windows, a new elevator, updated fire pump systems, new electrical service, and an upgraded silver coating roof. The first floor features impressive 17-foot ceilings, while the second and third floors offer 13-foot ceilings, and the fourth floor has 14-foot ceilings. Currently vacant, this Class B property offers significant potential. Its 0.19-acre lot is zoned DS-5, and its location within a Tax Increment Financing (TIF) district provides access to potential redevelopment incentives, including the Class L Property Tax Incentive and TIF/Streamlined TIF funds. The property's prime location offers excellent connectivity to major expressways (I-55), Lake Shore Drive, and public transportation (CTA Cermak Green and Red Lines), placing it within easy reach of downtown Chicago, McCormick Place, the Museum Campus, and other key attractions. The asking price is $3,250,000 ($101.56/sq ft). While certain use restrictions apply due to its historic district designation, the potential for rezoning to DX or DR and the option to purchase bonus Floor Area Ratio (FAR) significantly enhance its versatility for a variety of mixed-use development projects. This property offers a blend of historic charm and modern functionality, making it an ideal investment for discerning buyers.

• CAP approach

  CAP return

  Valuation

  6%

  $25,699,436

  6.5%

  $23,722,556

  7%

  $22,028,088

• Comparable approach

  Method

  Valuation

  Relative Method

  $17,855,712

  Geo Method

  $17,855,712

• Alternative Use

  Use

  Valuation

  Residential

  $20,010,864

  Hospitality

  $18,329,844

  Educational

  $15,250,215

  Medical

  $15,774,693

  Retail

  $23,722,556

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.8524

Longitude

-87.6234

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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