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    2221 Michigan Ave Chicago, IL 60616

    Sponsored
    For Sale
    Contact for pricing

    33,500 SF Flex Space, Chicago

    Property size:
    33,500 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional redevelopment opportunity presents a 33,500-square-foot, three-story loft warehouse situated on a 9,988-square-foot lot (62' x 160') in Chicago's vibrant Motor Row Entertainment District. The property, built in 1919, boasts an 18-foot ceiling height on the first floor and benefits from significant development incentives, including Opportunity Zone designation, TIF financing, Class-L Rehabilitation eligibility, and Federal Historic Tax Credits. The building is zoned DS-5 and features approximately 62 feet of frontage on Michigan Avenue, providing excellent visibility and accessibility. The location offers convenient proximity to public transportation, with approximately 775 feet to the CTA Green Line (Cermak Stop) and approximately 1,967 feet to the CTA Red Line (Chinatown Stop). The property includes 16,440 square feet of air rights, offering potential for expansion. The anticipated occupancy date is October 17, 2024. This is an ideal owner/user investment in a prime location with substantial upside potential. The property's address is 2221 S Michigan Ave, Chicago, IL 60616, APN 17-27-102-003-0000. This unique property combines historic charm with modern development potential.

    Property Features for 2221 Michigan Ave

    General Information

    Property type
    Individual retail properties
    Square Feet
    33,500 SF

    Building Details

    Year Built
    1919
    Buildings
    1
    Stories
    3

    HighLights

    • Opportunity Zone, TIF, Class‑L Rehab, & Federal Historic Tax Credits available.
    • 62 feet of Michigan Avenue frontage.
    • 18'11" first‑floor ceiling height.
    • ~775 feet from Green Line (Cermak) & ~1967 feet from Red Line (Chinatown).
    • DS‑5 zoning, Alderman Pat Dowell (3rd Ward).
    Property Profile Location Intelligence

    Current Use by Public Records

    Windy City Furniture, ... Used Furniture Store

    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
    -87.623758584099
    Latitude
    41.852236825291

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    FAQs

    What type of property is this?
    Individual retail property - 33,500 SF Flex Space, Chicago
    Where is this individual retail property located?
    The property is located at 2221 Michigan Ave Chicago, IL.
    What are key features of this property?
    This property features: Opportunity Zone, TIF, Class-L Rehab, & Federal Historic Tax Credits available.; 62 feet of Michigan Avenue frontage.; 18'11" first-floor ceiling height.
    Request Owner's contact information
    2221 Michigan 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
    2221 Michigan Ave Chicago, IL 60616
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