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Stand-Alone Building with Parking

2419-2423 S Michigan Ave, Chicago, IL

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For Sale

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Rare building near public transit and expressways with parking.

Type:INDUSTRIAL

Property size:

10,774 SF

Lot size:

0.16 Acres

Price / SF:

$162/SF

HighLights

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.
Potential for significant incentives: Qualified Opportunity Zone, Class L property tax incentive, Landmark District permit fee waiver program, & 24th/Michigan TIF.
Excellent transportation access to public transit and multiple expressways.
Clear span column spacing and 18’ clear ceiling height.

We can help!

Listing Contact

Frank Melchert, SIOR

Learn more

For Sale

Contact for pricing

Rare building near public transit and expressways with parking.

Type:INDUSTRIAL

Property size:

10,774 SF

Lot size:

0.16 Acres

Price / SF:

$162/SF

Added:: Sep 21, 2023
Days on Market:: 1001
Last Refresh:: May 20 at 8:33 pm

Property Features for 2419-2423 S Michigan Ave

General Information

Standard status: Active
Size: 10,774 SF
Lot size: 0.16 Acres
Property subtype: INDUSTRIAL

We can help!

Listing Contact

Frank Melchert, SIOR

Listing agent Frank Melchert, SIOR License #IL 475159036

Listing office Cawley Chicago

Listing date Sep 21, 2023

Source Moodyscre

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

All listing content including descriptions, pricing, images are the copyrighted material of Cawley Chicago

HighLights

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.
Potential for significant incentives: Qualified Opportunity Zone, Class L property tax incentive, Landmark District permit fee waiver program, & 24th/Michigan TIF.
Excellent transportation access to public transit and multiple expressways.
Clear span column spacing and 18’ clear ceiling height.

Overview

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.

Local Financial Insights For Retail

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$232.7k	$21.60
− Vacancy	−$19.8k	−$1.84
EGI	$212.9k	$19.76
− OpEx	−$63.9k	−$5.93
NOI	$149.1k	$13.83

10,774 SF · lease $21.60/SF/yr · vacancy 8.50% · expense 30.00%

Alternative Uses

Best Use

Retail

$2.13M

$1.86M – $2.48M (±1% cap)

NOI $149,056 @ 7.0% cap · market cap 8.52%

Second Best

Warehouse

$1.17M

$1.02M – $1.36M (±1% cap)

NOI $81,609 @ 7.0% cap · market cap 4.66%

Theoretical Best

Office A

$5.08M

$4.44M – $5.93M (±1% cap)

NOI $355,594 @ 7.0% cap · market cap 20.32%

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

Location Intelligence

Current Use by Public Records

Parking lots & garages

Suggested Use

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Houston Marine Service — 13414 S Indiana Ave, Chicago, IL 60827

Location Insight

Map
Local Demand

City: Chicago
County: Cook
State: Illinois
Longitude: -87.6232
Latitude: 41.8487

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For sale
Warehouses
IL
Chicago
2419-2423 S Michigan Ave

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 $1,750,000.

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.

2419-2423 S Michigan Ave, Chicago, IL

Rare building near public transit and expressways with parking.

Property Features for 2419-2423 S Michigan Ave

General Information

We can help!

HighLights

Overview

Local Financial Insights For Retail

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Similar Places Nearby

Location Insight

Nearby Similar for Sale

Renovated Chicago Industrial Flex Warehouse

West Town Corner Retail Space

Turnkey Restaurant Venue with PPA License

Turnkey Restaurant Venue with PPA License

Turnkey Restaurant Venue with Licenses

Turnkey Restaurant Opportunity in Chicago

Prime Retail Space in Chicago

Chicago Office Building with Parking

Chicago Commercial Buildings For Sale

Chicago Commercial Space for Sale

Fulton River District Commercial Loft

Wicker Park Corner Retail Building

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