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    Property profile & analytics
    OFF-MARKET Estimated value $4,475,000
    Retail space

    2241 Wabash Ave, Chicago, IL 60616-2109

    26,500 SF 0.26 ac lot Built 1898
    Entity Owned 9-yr Hold ~ Est. High Equity
    Property ID
    US28-0243511
    Property summary
    AI-generated overview

    This stunning three-story, 39,900 square foot mixed-use commercial building, located at 2241 S Wabash Ave in Chicago's Motor Row neighborhood, presents a unique investment opportunity. Built in 1915, the property boasts striking exterior design and timeless architecture. The spacious layout features soaring 16-foot timber ceilings on the second and third floors with exposed brick, and a 17-foot ceiling in the rear garage with a drive-in door. Each floor offers approximately 10,000 square feet of usable space, with 400 amp electrical service per floor and a freight elevator. A full basement provides additional storage or expansion potential. The building is zoned DS-3 Commercial and sits within a Tax Increment Financing (TIF) district and Opportunity Zone, offering significant tax incentives and long-term growth potential. The third floor includes an office, skylight-lit conference room, kitchenette, and two restrooms. The second floor features enclosed glass offices, one to two large conference rooms, seven to eight private offices, a center open floor plan, reception area, media/conference room, IT room, storage room, and two large restrooms, plus a well-equipped kitchen. The main level comprises front retail/office space, a rear garage with 17-19 surface parking spaces and a drive-in door, warehouse area, and a full locker room. Conveniently located near McCormick Place, the property offers easy access to major transportation routes including the McCormick Place Green Line station, bus routes, and Interstates 55, 90, and Route 41 (Lake Shore Drive). The surrounding area provides a variety of dining, retail, and entertainment options. The lot size is 11,520 square feet. The property is currently vacant.

    Property profile
    Verified
    Property type Retail space
    Use group STORE, RETAIL OUTLET
    Year built 1898
    Total area 26,500 SF
    Lot 0.26 ac (11,520 SF)
    APN 17-27-101-021
    UPID US28-0243511
    Cap rate & NOI
    Priority signal for investors
    Implied cap rate, NOI & suggested price
    Cap rate vs submarket · NOI estimate · 3 price anchors
    Implied cap rate, NOI & suggested price
    Cap vs submarket · NOI estimate · 3 price anchors
    Current use
    Occupant on record · Public records
    • SilverIP Communications Telecommunications Service Data Center
    • Kamyar Moeinzadeh Law Firm
    • Vantage Group Legal Services Loan Service Law Firm
    • Affordable Tow Chicago Auto Repair Shop
    Value estimations
    Realmo proprietary · 4 methods
    AI Approach AI
    by Request
    CAP Approach CAP
    $5.64M
    Comparable Approach Comparable
    $3.11M
    Blend (final) Blend
    $4.48M
    Owner & transaction history
    2241 W LLC · 9 yrs held
    2241 W LLC
    since 2017
    7 recorded transactions
    2017
    $2.4M
    2001
    $1.6M
    1999
    1999
    $525,000
    1969
    1969
    1969
    Zoning & alternative use
    Permitted uses
    Permitted uses
    Allowed · conditional · prohibited
    Top alternative use upside
    Neighborhood: shopping center $6.3M +2.3%
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