Industrial Warehouse with Drive-In
2419 S Michigan Ave. Chicago, IL 60616
2419 S Michigan Ave., Chicago, IL, 60616
$1,750,000
For Sale
$1,750,000
Stand-alone industrial warehouse with 18' clear height, clear-span interior, and a 64' frontage on Michigan Avenue.
Property Size10,774 SF
Lot Size0.47 Acres
Price / SF$162.43
Days on Market52
Property Features for 2419 S Michigan Ave.
General Information
- Standard status
- Active
- Size
- 10,774 SF
- Lot size
- 0.47 Acres
- Property subtype
- Industrial
Listing agency
Cawley Chicago
(312) 208-1561
Listed by
Frank H. Melchert V · License #IL 475159036
(312) 208-1561
Source
Cawleycre
Added: Jun 2 Updated: Jul 21 at 10:27PM Checked: Jul 22 at 4:09AM
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
Investment Insights
Based on property information with market context.
A stand-alone industrial warehouse/distribution facility offering approximately 10,774 sq. ft. of clear-span space with an 18' clear ceiling height and no columns. The building is supported by one drive-in door/loading point and includes 25 off-street parking spaces. The property sits on approximately 20,294 sq. ft. of land and is zoned DS-5 (Downtown Service).
The site features 64' of frontage on Michigan Avenue and is described as having visibility from I-55 (Stevenson) Expressway. The public remarks also note immediate access to expressways and major transportation corridors, along with nearby public transit options including CTA rail and bus and Metra service.
The listing includes parcel information for multiple segments and identifies the property as located in the Chicago 3rd Ward, with listed 2024 property taxes of $96,668.
The site features 64' of frontage on Michigan Avenue and is described as having visibility from I-55 (Stevenson) Expressway. The public remarks also note immediate access to expressways and major transportation corridors, along with nearby public transit options including CTA rail and bus and Metra service.
The listing includes parcel information for multiple segments and identifies the property as located in the Chicago 3rd Ward, with listed 2024 property taxes of $96,668.
Key Highlights
- 10,774 SF stand‑alone industrial/warehouse building on approx. 20,294 SF land
- DS (Downtown Service) zoning with 64' frontage on Michigan Avenue
- 18' clear ceiling height with clear‑span layout and no columns
Local Financial Insights For Warehouse
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $101.6k | $9.43 |
| − Vacancy | −$5.6k | −$0.52 |
| EGI | $96.0k | $8.91 |
| − OpEx | −$14.4k | −$1.34 |
| NOI | $81.6k | $7.57 |
10,774 SF · lease $9.43/SF/yr · vacancy 5.50% · expense 15.00%
Alternative Uses
Best Use
Warehouse
$1.17M
$1.02M – $1.36M
NOI $81,609 @ 7.0% cap · market cap 4.66%
Second Best
Industrial
$965.2K
$844.5K – $1.13M
NOI $67,563 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$5.08M
$4.44M – $5.93M
NOI $355,594 @ 7.0% cap · market cap 20.32%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Distribution centers
Similar For Sale Nearby
Similar Off Market Nearby
- Canal Street Marina — 2129 S Canal St, Chicago, IL 60616
- Self Storage — 2420 S Michigan Ave, Chicago, IL 60616
- Your Storage Place — 2601 S La Salle St, Chicago, IL 60616
- Life Storage — 2361 S State St, Chicago, IL 60616
- CubeSmart Self Storage — 407 E 25th St, Chicago, IL 60616
FAQs
What type of property is this?
Warehouse - Stand-alone industrial warehouse with 18' clear height, clear-span interior, and a 64' frontage on Michigan Avenue.
Where is this warehouse located?
The property is located at 2419 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: 10,774 SF stand‑alone industrial/warehouse building on approx. 20,294 SF land; DS (Downtown Service) zoning with 64' frontage on Michigan Avenue; 18' clear ceiling height with clear‑span layout and no columns
