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    1233 S Wabash Ave Chicago, IL 60605

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    For Sale
    $1,900,000

    Value-add property in high-traffic area with redevelopment potential.

    Property Features for 1233 S Wabash Ave

    General Information

    Standard status
    Active

    Building Details

    Year built
    1910

    Source: CENTURY 21 REALTY ASSOCIATES Agent SHARON WONG

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

    Overview

    Historic South Loop Redevelopment Opportunity

    This three-story building, formerly home to the Wabash Tap and Koko Taylor's Blues Club, presents an opportunity for redevelopment in Chicago's South Loop at the corner of Wabash and Roosevelt. The ground floor features a built-out bar/restaurant space with existing infrastructure. The upper floors, currently configured as apartments, can be converted into additional residential units, creative offices, or short-term rentals. Zoned DX-7, the site allows for potential residential, mixed-use, hospitality, office, or retail development. Located in a Transit-Oriented Development (TOD) area, the property benefits from reduced parking requirements and is one block from the Roosevelt CTA station, which serves more than 3.8 million riders annually. It is within walking distance of Grant Park, the Museum Campus, and Soldier Field, and is surrounded by high-density housing, Columbia College, and major retail, including Jewel-Osco and Trader Joe's. The property is suited for developers or investors seeking an infill site with historic character and redevelopment upside. The ground floor restaurant space is also available for lease.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Near2Me Self Storage ... Self-Storage Facility Wabash Tap Bar & Grill Self Storage Self-Storage Facility

    Suggested Use

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

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

    Similar Places Nearby

    M Lounge, a best seat, My Place South Loop Restaurant, Serum, Tapas Valencia

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6253175
    Latitude
    41.8665533

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    FAQs

    What type of property is this?
    Bar - Value-add property in high-traffic area with redevelopment potential.
    Where is this bar located?
    The property is located at 1233 S Wabash Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $1,900,000.
    What are key features of this property?
    This property features: - High-traffic corner location in Chicago's South Loop, near Wabash and Roosevelt.; - Zoned DX-7, allowing for residential, mixed-use, hospitality, office, or retail development.; - Fully built-out, second-generation bar/restaurant space on the ground floor.
    (312) 428-9123
    Request Owner's contact information
    1233 S Wabash Ave 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
    1233 S Wabash Ave Chicago, IL 60605
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