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    2419-2423 S Michigan Ave Chicago, IL 60611

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    For Sale
    $2,100,000

    Rare building near public transit and expressways with parking.

    Property size:
    10,774 SF
    Lot size:
    0.16 Acres

    Property Features for 2419-2423 S Michigan Ave

    General Information

    Size
    10,774 SF
    Lot size
    0.16 Acres

    Source: Cawley Chicago Agent Frank Melchert, SIOR

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

    Overview

    Stand-Alone Building with Parking

    This stand-alone building offers approximately 10,774 square feet of space on a lot of approximately 20,294 square feet, and includes 25 off-street parking spaces. The property features one drive-in door, an 18-foot clear ceiling height, and a clear span with no columns. It has 64 feet of frontage on Michigan Avenue. The building is located within walking distance of CTA train, CTA bus, Metra train, and bike stations, and provides immediate access to multiple expressways and major transportation corridors. It has frontage on the I-55 (Stevenson) expressway, with visibility from approximately 103,700 vehicles per day. The property is located across the street from McCormick Place. The zoning is DS (Downtown Service). The property consists of multiple parcels. Real estate taxes are $96,668, which is $8.97 per square foot. Potential incentives include a qualified opportunity zone, Class L property tax incentive, landmark district permit fee waiver program, and 24th/Michigan TIF.
    Location Intelligence

    Current Use by Public Records

    Parking lots & garages

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Similar Places Nearby

    Stasher - Luggage Storage Chicago Downtown - Online Booking only, Nannybag Luggage Storage, Bounce Luggage Storage - Grant Park & South Loop, Bounce Luggage Storage - South Loop / Printer's Row, Right Way Auto Transport Kings

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6232478
    Latitude
    41.8487182

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    FAQs

    What type of property is this?
    Warehouse - Rare building near public transit and expressways with parking.
    Where is this warehouse located?
    The property is located at 2419-2423 S Michigan Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $2,100,000.
    What are key features of this property?
    This property features: - Rare stand-alone building with 25 off-street parking spaces.; - High visibility location on I-55 (Stevenson) expressway, viewed by 103,700 vehicles per day.; - Located across the street from McCormick Place.
    (312) 208-1561
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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
    2419-2423 S Michigan Ave Chicago, IL 60611
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