2229 Michigan AveChicago, IL 60616

Property Details for 2229 Michigan Ave

Year built

1918

Lot size

0.23 AC

Property size (Sq ft)

22,900 SF

Property type

Retail space

Property subtype

Storefront properties

APN

17-27-102-004

APU

1727102004

Description

This stunning, newly revitalized 4-story office building at 2229 S Michigan Ave in Chicago's South Loop (Motor Row) offers three available suites ranging from 2,512 to 4,772 square feet. Originally constructed in 1918 and extensively renovated in 2018, the building boasts a striking new façade, lobby, elevator, and updated mechanical systems, windows, and bathrooms. The 32,500 square foot building features high ceilings, abundant natural light, and exposed sandblasted brick walls, creating a unique and desirable creative office environment. The building sits on a 0.23-acre lot with a 3.24 FAR and is zoned DX-5 (Downtown mixed-use). The property includes four parking spaces and is conveniently located in the vibrant Motor Row district, known for its historic architecture and burgeoning growth, including planned additions of entertainment venues, hotels, restaurants, and bars. This Class C building offers a blend of historical charm and modern amenities, making it an ideal location for businesses seeking a unique and dynamic workspace in a prime Chicago location. The Cook County property (APN 17-27-102-004-0000) is served by multiple tenants and offers a variety of office space configurations to suit diverse business needs.

• CAP approach

  CAP return

  Valuation

  6%

  $10,818,329

  6.5%

  $9,986,150

  7%

  $9,272,853

• Comparable approach

  Method

  Valuation

  Relative Method

  $7,516,467

  Geo Method

  $7,516,467

• Alternative Use

  Use

  Valuation

  Residential

  $8,423,691

  Hospitality

  $7,716,056

  Educational

  $6,419,668

  Medical

  $6,640,450

  Retail

  $9,986,150

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.8521

Longitude

-87.6233

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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