River North Value-Add
For Sale
Contact for pricing
159 W Kinzie St, Chicago, IL 60654
Vacant building in River North, ideal for redevelopment.
Property Size23,500 SF
Price / SF$199.79
Days on Market613
Property Features for 159 W Kinzie St
General Information
Standard status
Active
Size
23,500 SF
Class
C
Property subtype
Hospitality
Zoning
DC-12
Investment Type
Value Add
Building Details
Year Built
1907
Buildings
3
Stories
5
Listing Agency:
Jameson Commercial Real Estate
Listed By:
Mark Kishtow · License #IL 471010965
(847) 410-0088
Source:
Crexi
Added: Jan 30, 2025
Changed: Oct 1
Last Checked: Oct 4 at 8:36AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Jameson Commercial Real Estate
Investment Insights
Based on property information with market context.
Located in Chicago's Central Business District, the property at 157-159 W. Kinzie Street consists of two lots on the south side of W. Kinzie Street, approximately 125 feet west of the intersection of N. Wells Street and W. Kinzie Street. The property measures approximately 40 feet wide by 165 feet deep. Existing structures include 2-story, 3-story, and 5-story buildings on the northern and southern halves of the property, respectively, all with full-depth basements. The building is currently vacant and offered in as-is condition, presenting a value-add opportunity for remodeling to suit various potential uses. The location is suitable for Merchandise Mart exhibitors, hospitality uses, or social entertainment venues. Situated in the River North neighborhood, the area around 159 W Kinzie St features a mix of office spaces, restaurants, and entertainment. It is near the Merchandise Mart and the Chicago Riverwalk, with access to dining, retail, and cultural attractions. Marina City, the House of Blues, and Fulton Market are also nearby. The area is suitable for office building investors seeking a dynamic urban environment. The property size is 23,500 square feet.
Key Highlights
- Prime location in Chicago's River North neighborhood, near Merchandise Mart and Chicago Riverwalk.
- Value‑add opportunity to remodel the existing buildings for various uses.
- Suitable for Merchandise Mart exhibitors, hospitality, or social entertainment venues.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$396,563
Cap Rate
8.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,931,260
$7.9M
Cap Rate 7%
$5,665,186
$5.7M
Cap Rate 9%
$4,406,256
$4.4M
Market Conditions
NOI Build-Up for 23,500 SF
Gross rent
$705.0K $30.00/SF
− Vacancy
−$70.5K −$3.00/SF
EGI
$634.5K $27.00/SF
− OpEx
−$237.9K −$10.13/SF
NOI
$396.6K $16.88/SF
Area
Chicago, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,931,260
Cap Rate 7%
$5,665,186
Cap Rate 9%
$4,406,256
Alternative Uses
Best Use
Mixed Use
$5.67M
$4.96M – $6.61M
NOI $396,563 @ 7.0% cap · market cap 8.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.08M
$9.70M – $12.93M
NOI $775,613 @ 7.0% cap · market cap 16.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
41,747
Businesses Nearby
Explore this area
Business Placement
Demographics for 60654, IL
23,890
Population
17,960
Households
1.3
Avg Household Size
34
Median Age
92%
College-Educated
99%
High-School Grad
0.5 sq mi
ZIP Area
47,780
Density / Sq Mi
$144,831
Median Household Income
$106,856
Median Earnings
$2,571
Median Rent
$495,900
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Vacant building in River North, ideal for redevelopment.
Where is this mixed-use property located?
The property is located at 159 W Kinzie St Chicago, IL.
What is the asking price?
The asking price for this property is $4,695,000.
What are key features of this property?
This property features: Prime location in Chicago's River North neighborhood, near Merchandise Mart and Chicago Riverwalk.; Value‑add opportunity to remodel the existing buildings for various uses.; Suitable for Merchandise Mart exhibitors, hospitality, or social entertainment venues.
