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    1639 Indiana Ave Chicago, IL 60616

    Sponsored
    For Sale
    $1,750,000

    172 Units, 18,000 SF, High Potential

    Property size:
    18,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional investment property, located at 1639 S. Indiana Ave in Chicago's vibrant South Loop, offers a unique blend of office and retail space. The 18,000 square foot building boasts 172 units and is situated on a parcel with a DX-5 zoning designation. The property includes a 60-space parking lot, providing ample parking for tenants and visitors. Its prime location near the corner of Indiana Avenue and 18th Street places it within easy reach of numerous attractions, including Soldier Field, the Shedd Aquarium, and the Field Museum, as well as upscale shopping, dining, and entertainment venues. The property benefits from a strong customer base due to its proximity to the Prairie District Lofts, a condominium building with 116 residential units and 6 ground-level commercial spaces. The South Loop's recent transformation into a premier area, characterized by high-rise condominiums, excellent transportation access, and a thriving culinary scene, makes this an exceptional opportunity for developers and investors seeking strong returns. The property's 2022 tax assessment was $68,211.41. With a daily traffic count of 19,505 vehicles, this location offers unparalleled visibility and accessibility. The asking price for this remarkable investment is $1,750,000.

    Property Features for 1639 Indiana Ave

    General Information

    Property type
    Retail properties
    Square Feet
    18,000 SF

    Building Details

    Units
    172

    HighLights

    • 23,023 SF parking lot.
    • Positive cash flow in place.
    • Strong tenant base from nearby condo and local businesses.
    • Prime South Loop location near Soldier Field, upscale shopping, museums, restaurants, entertainment, and hotels; close to downtown Chicago.
    • High daily traffic count of 19,505 vehicles.
    • DX‑5 zoning.
    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
    -87.6220257
    Latitude
    41.8592951

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    FAQs

    What type of property is this?
    Retail property - 172 Units, 18,000 SF, High Potential
    Where is this retail property located?
    The property is located at 1639 Indiana Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $1,750,000.
    What are key features of this property?
    This property features: 23,023 SF parking lot.; Positive cash flow in place.; Strong tenant base from nearby condo and local businesses.
    Request Owner's contact information
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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
    1639 Indiana Ave Chicago, IL 60616
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