Mixed-Use Building with
For Lease
Contact for pricing
1509 S Michigan Ave, Chicago, IL 60605
Zoned DX-7, the property combines ground-floor commercial space with upper-level loft units.
Space Size4,500 SF
Days on Market396
Property Features for 1509 S Michigan Ave
General Information
Standard status
Active
Size
4,500 SF
Property subtype
OFFICE
Lease Type
Modified Gross
Spaces For Lease
at 1509 S Michigan Ave
1509 S Michigan Ave
$22/SF/Yr
Size
4,500 SF
Type
OFFICE
Lease Type
MODIFIED_GROSS
Availability
AVAILABLE, Now
Sublease
No
- Don’t miss this rare opportunity to acquire a 25,000 SF mixed-use building along with a 4,347 SF adjacent
parking lot in the heart of Chicago’s vibrant South Loop neighborhood
- Currently improved six total units - two occupied ground-floor commercial units and four expansive loftstyle units above, ideal for residential or commercial use
- One second floor and one third floor office/retail space also available for lease
- Elevator building with natural lighting
- The property is zoned DX-7, offering significant redevelopment potential or value-add investment upside
- Whether you're looking to expand your portfolio or reposition in one of Chicago’s fastest-growing areas, this
offering is well-positioned for long-term growth- ideal for investors, developers, or owner-users
Contact us
Listing Agency:
CRE Advising
(312) 448-6401
Listed By:
Steve Horvath · License #475128970
(630) 430-4300
Source:
Moodyscre
Added: Sep 17, 2025
Changed: Oct 1
Last Checked: Oct 16 at 11:51AM
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 CRE Advising
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Investment Insights
Based on property information with market context.
This mixed-use property includes a 25,000 SF building and an adjacent 4,347 SF parking lot at 1509 S Michigan Ave. The building contains six units: two occupied commercial spaces on the ground floor and four loft-style units on the upper levels. An elevator serves the building, which also benefits from natural light.
Office and retail space is available on the second and third floors for lease. The property is located in Chicago’s South Loop neighborhood and carries DX-7 zoning, supporting a range of existing commercial configurations and future redevelopment considerations.
Office and retail space is available on the second and third floors for lease. The property is located in Chicago’s South Loop neighborhood and carries DX-7 zoning, supporting a range of existing commercial configurations and future redevelopment considerations.
Key Highlights
- 25,000 SF mixed‑use building with an adjacent 4,347 SF parking lot
- Six total units, including two occupied ground‑floor commercial spaces
- Four loft‑style upper‑level units suitable for residential or commercial use
Property Analytics
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Current Use
Lease Details
NNN (Triple Net)
Lease Type
$3.30 /SF/Yr
CAM
Location Intelligence
Trade Area within ½ mile
4,044
Businesses Nearby
Explore this area
Business Placement
Demographics for 60605, IL
34,071
Population
20,478
Households
1.7
Avg Household Size
34
Median Age
82%
College-Educated
96%
High-School Grad
1.4 sq mi
ZIP Area
24,336
Density / Sq Mi
$118,403
Median Household Income
$82,091
Median Earnings
$2,402
Median Rent
$495,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Lease Benchmarks for Chicago, IL
$26.43 /SF/Yr
Avg Asking Price
$10–$52 /SF/Yr
Price Range
40,477 SF
Avg Space Size
This space is priced 17% below the average of $26.43 /SF/Yr.
Vacancy Rate% for Office in Chicago, IL
Frequently Asked Questions
What type of property is this?
Mixed-use property - Zoned DX-7, the property combines ground-floor commercial space with upper-level loft units.
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: 25,000 SF mixed‑use building with an adjacent 4,347 SF parking lot; Six total units, including two occupied ground‑floor commercial spaces; Four loft‑style upper‑level units suitable for residential or commercial use
