Two-Story Office Building with
559 Burnham Ave, Calumet City, IL
For Sale
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Vacant two-story office building with parking and economic incentives.
Property Size26,510 SF
Lot Size1.21 Acres
Days on Market1372
Property Features for 559 Burnham Ave
General Information
Standard status
Size
Lot size
Property subtype
Listing Agency:
Lagestee-Mulder (LM)
(708) 333-8338
Listed By:
Martha Winter · License #471002749
(224) 523-9174
Source:
Moodyscre
Added: Feb 7, 2023
Changed: Nov 1
Last Checked: Nov 8 at 3:12AM
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 Lagestee-Mulder (LM)
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Investment Insights
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This two-story, vacant office building, formerly a BMO Harris Bank facility, offers 26,510 rentable square feet and includes an improved basement area and three exterior drive-through lanes. The building features an elevator, a roof and HVAC system approximately 10 years old with warranty, and a lower level with a fireplace and additional office areas. The property is situated on 1.79 acres, zoned B: Commercial Business District, which allows for a wide range of uses including office, business and professional, medical clinics, retail and service uses. It includes two parking lots accommodating up to 118 vehicles: one adjacent to the building with 46 spaces and another across the street with 72 spaces. The ground floor previously served as a retail bank branch, while the second floor houses administrative office space, including several extensively built-out executive office suites. The property is located in Calumet City and presents tremendous potential for an owner-user, investor, or developer. Economic incentives are available, including being located in The Calumet Region Enterprise Zone, which provides fee waivers on renovation work. The property is also eligible for a Class 8 incentive, which substantially reduces the real estate tax assessment, and is in an Opportunity Zone, allowing for capital gain tax deferrals in certain circumstances.
Key Highlights
- Tremendous potential for owner‑user, investor, or developer due to flexible B: Commercial Business District zoning.
- Significant economic incentives available: Enterprise Zone fee waivers, Class 8 real estate tax reduction, and Opportunity Zone capital gain tax deferrals.
- Large parking capacity with two lots accommodating up to 118 vehicles.
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Market
Properties on Market for Office buildings in Cook County
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - Vacant two-story office building with parking and economic incentives.
Where is this office building located?
The property is located at 559 Burnham Ave Calumet City, IL.
What are key features of this property?
This property features: Tremendous potential for owner‑user, investor, or developer due to flexible B: Commercial Business District zoning.; Significant economic incentives available: Enterprise Zone fee waivers, Class 8 real estate tax reduction, and Opportunity Zone capital gain tax deferrals.; Large parking capacity with two lots accommodating up to 118 vehicles.
