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    501 Wells St Chicago, IL 60607

    Sponsored
    For Sale
    $2,750,000

    Six-story building, ideal for hospitality.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional six-story mixed-use building at 501 S Wells St, Chicago, IL 60607, presents a unique investment opportunity. Currently configured as an apartment building, bar, and restaurant, this property offers significant potential for a variety of uses. The asking price is $2,750,000. Located in Cook County, this property boasts a prime location, offering excellent visibility and accessibility. The building's permitted zoning is DX-12, allowing for diverse operational possibilities. The building's multi-faceted nature caters to a broad range of business ventures, from hospitality to retail. Its strategic position provides a high-traffic location, making it an attractive proposition for businesses seeking maximum exposure. The building's six stories provide ample space for expansion and customization to suit individual business needs. This property represents a rare chance to acquire a well-situated, multi-use building in a vibrant and dynamic area of Chicago. The building's existing configuration as an apartment building, bar, and restaurant provides a solid foundation for future development and growth. The property's location offers significant marketing advantages, with potential for high visibility and brand recognition. This is an exceptional opportunity for investors seeking a high-return investment in a prime Chicago location.

    Property Features for 501 Wells St

    General Information

    Property type
    Restaurants

    Building Details

    Stories
    6

    HighLights

    • Six‑story mixed‑use building at 501 S Wells St, Chicago, IL 60607.
    • Asking price: $2,750,000.
    • Prime Cook County location with excellent visibility and accessibility.
    • DX‑12 zoning allows diverse uses.
    • Currently configured as apartments, bar, and restaurant.
    Property Profile Location Intelligence

    Current Use by Public Records

    Tuk Tuk Chicago Transportation Service O'Brien Harris, LLC Cabinet Maker

    Suggested Use

    Realty agency Restaurant Spa & Massage Hair Salon Dental Office Nail Salon Building Supply Auto Repair Shop Clothing Store Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.633695791467
    Latitude
    41.875711728194

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    FAQs

    What type of property is this?
    Restaurant - Six-story building, ideal for hospitality.
    Where is this restaurant located?
    The property is located at 501 Wells St Chicago, IL.
    What is the asking price?
    The asking price for this property is $2,750,000.
    What are key features of this property?
    This property features: Six-story mixed-use building at 501 S Wells St, Chicago, IL 60607.; Asking price: $2,750,000.; Prime Cook County location with excellent visibility and accessibility.
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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
    501 Wells St Chicago, IL 60607
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