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    1631-1727 Indiana Ave Chicago, IL 60616

    Sponsored
    For Sale
    $4,500,000

    180,000 SF, 172 Units Possible

    Property size:
    180,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    397
    This exceptional Chicago property, located at 1631-1727 S. Indiana Ave in the vibrant South Loop, presents a compelling investment opportunity for developers and investors. The offering encompasses a 23,023-square-foot parking lot with 60 spaces and a fully leased 16,245-square-foot retail/office condominium featuring 10 parking spaces. The existing structure is currently 100% occupied, generating immediate cash flow. The DX-5 zoning permits the construction of a new building with up to 172 units across 180,000 square feet. This prime location benefits from high daily traffic counts (19,505 vehicles) and proximity to numerous attractions, including Soldier Field, museums, upscale dining, and entertainment venues. The adjacent Prairie District Lofts, a large residential condominium building, provides a strong customer base for the existing retail space. The property's strong location, existing income stream, and significant development potential make it an ideal investment in a rapidly growing area of Chicago. 2022 property taxes (under protest) totaled $68,211.41 for the parking lot and $77,565.25 for the Prairie Lofts. This is a rare chance to capitalize on the South Loop's continued transformation and robust rental market. The property's strategic location offers unparalleled access to downtown Chicago, public transportation, and a wealth of amenities. This is a truly unique opportunity to acquire a high-value asset with significant upside potential.

    Property Features for 1631-1727 Indiana Ave

    General Information

    Property type
    Retail properties
    Square Feet
    180,000 SF

    Building Details

    Units
    172

    HighLights

    • 23,023 SF parking lot and 16,245 SF retail/office condominium.
    • 100% occupied retail/office condominiums.
    • Excellent value‑add office investment opportunity.
    • Stable, positive cash flow.
    • Strong tenant base due to nearby residential and commercial activity.
    • Prime South Loop location near Soldier Field, upscale amenities, and downtown Chicago.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6221634
    Latitude
    41.8593487

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    FAQs

    What type of property is this?
    Retail property - 180,000 SF, 172 Units Possible
    Where is this retail property located?
    The property is located at 1631-1727 Indiana Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $4,500,000.
    What are key features of this property?
    This property features: 23,023 SF parking lot and 16,245 SF retail/office condominium.; 100% occupied retail/office condominiums.; Excellent value-add office investment opportunity.
    Request Owner's contact information
    1631-1727 Indiana Ave Chicago, IL 60616
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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
    1631-1727 Indiana Ave Chicago, IL 60616
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