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    2229 Michigan Ave Chicago, IL 60616

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    For Sale
    Contact for pricing

    Historic building, prime location, high ceilings.

    Property size:
    29,834 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional 29,834 square foot mixed-use property at 2229 South Michigan Avenue in Chicago's vibrant South Loop offers a unique investment opportunity. Built in 1918 and renovated in 2018, this four-story, Class B building boasts a charming, historic façade and high ceilings, reflecting its former life as a Ford Motor Company showroom. The property's DS-5 zoning allows for diverse uses, including retail, office, and residential, making it ideal for owner-users seeking a stabilized investment. Its strategic location within Chicago's burgeoning Motor Row district, soon to be the Entertainment District, places it in close proximity to major attractions such as McCormick Place, Millennium Park, Wintrust Arena, and numerous hotels, including the Hyatt and Marriott Marquis. The property benefits from excellent public transportation access via the CTA Red, Green, and Orange Lines, and convenient access to I-55 and other major roadways. Furthermore, the ongoing $390 million McCormick Square expansion project promises to further enhance the area's appeal with new nightlife, hotels, and retail destinations. This property presents a rare chance to own a piece of Chicago's rich history while capitalizing on the area's dynamic growth and future potential. The building features solid construction and a multi-tenant occupancy.

    Property Features for 2229 Michigan Ave

    General Information

    Property type
    Mixed-use properties
    Square Feet
    29,834 SF
    Class
    B

    Building Details

    Year Built/Renovated
    1918/2018
    Buildings
    1
    Stories
    4

    HighLights

    • 29,834 SF mixed‑use building at 2229 S Michigan Ave, Chicago's South Loop.
    • Excellent location near McCormick Place, attracting nearly 3 million visitors annually.
    • Situated in the Motor Row District and near the Prairie Avenue District, benefiting from recent revitalization and increased demand.
    • Close proximity to Wintrust Arena (10,000 seats) and a new 1,200‑room Marriott hotel with extensive event space.
    • Walking distance to CTA Red, Orange, and Green Lines.
    • Convenient access to I‑90/94, I‑55, and Lake Shore Drive.
    Property Profile Location Intelligence

    Current Use by Public Records

    Lips Drag Queen ... Restaurant Chicago House & Social ... Social Services Organization Fly Club Dance School Bellagio 223 Wedding Venue People's Lobby Non-Profit Organization

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6233053
    Latitude
    41.8520618

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    FAQs

    What type of property is this?
    Mixed-use property - Historic building, prime location, high ceilings.
    Where is this mixed-use property located?
    The property is located at 2229 Michigan Ave Chicago, IL.
    What are key features of this property?
    This property features: 29,834 SF mixed-use building at 2229 S Michigan Ave, Chicago's South Loop.; Excellent location near McCormick Place, attracting nearly 3 million visitors annually.; Situated in the Motor Row District and near the Prairie Avenue District, benefiting from recent revitalization and increased demand.
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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
    2229 Michigan Ave Chicago, IL 60616
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