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    1509 S Michigan Ave Chicago, IL 60605

    For Lease
    $22 SF/Yr ($8,250 /Mo)

    Mixed-use building in Chicago's South Loop with redevelopment potential.

    Property size:
    4,500 SF
    Lot size:
    0.20 Acres

    Property Features for 1509 S Michigan Ave

    General Information

    Size
    4,500 SF
    Lot size
    0.20 Acres

    Source: CRE Advising Agent Steve Horvath

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    South Loop Mixed-Use Building

    This mixed-use building, encompassing 25,000 square feet, is situated in Chicago’s South Loop neighborhood, accompanied by a 4,347 square foot adjacent parking lot. The property features six units, including two occupied ground-floor commercial spaces and four loft-style units suitable for residential or commercial use. One second-floor and one third-floor office/retail space are available for lease. The building includes an elevator and natural lighting. Zoned DX-7, the property offers redevelopment potential and value-add investment opportunities. It is suitable for investors, developers, or owner-users looking to expand their portfolio or reposition in a growing area.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Kelley K. O'connor ... Physical Therapist Sandy Zhang Physical Therapist Tyler Zeken Physical Therapist Eric Warner Physical Therapist Athletico Physical Therapy ... Physical Therapist

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6235628
    Latitude
    41.8616895

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use building in Chicago's South Loop with redevelopment potential.
    Where is this mixed-use property located?
    The property is located at 1509 S Michigan Ave Chicago, IL.
    What is the lease rate?
    The lease rate is $22 SF/Yr.
    What are key features of this property?
    This property features: - Rare 25,000 SF mixed-use building with a 4,347 SF adjacent parking lot in Chicago's South Loop.; - Zoned DX-7, offering significant redevelopment potential or value-add investment upside.; - Six total units: two occupied ground-floor commercial units and four expansive loft-style units.
    (312) 448-6401
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    Chicago, IL 60605
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1509 S Michigan Ave Chicago, IL 60605
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