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    2229 Michigan Ave Chicago, IL 60616

    Sponsored
    For Lease
    $18 SF/Yr

    Historic Motor Row Office Building, 3 Suites Available

    Lot size:
    32,500 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This stunning, newly revitalized 4-story office building at 2229 S Michigan Ave in Chicago's South Loop (Motor Row) offers three available suites ranging from 2,512 to 4,772 square feet. Originally constructed in 1918 and extensively renovated in 2018, the building boasts a striking new façade, lobby, elevator, and updated mechanical systems, windows, and bathrooms. The 32,500 square foot building features high ceilings, abundant natural light, and exposed sandblasted brick walls, creating a unique and desirable creative office environment. The building sits on a 0.23-acre lot with a 3.24 FAR and is zoned DX-5 (Downtown mixed-use). The property includes four parking spaces and is conveniently located in the vibrant Motor Row district, known for its historic architecture and burgeoning growth, including planned additions of entertainment venues, hotels, restaurants, and bars. This Class C building offers a blend of historical charm and modern amenities, making it an ideal location for businesses seeking a unique and dynamic workspace in a prime Chicago location. The Cook County property (APN 17-27-102-004-0000) is served by multiple tenants and offers a variety of office space configurations to suit diverse business needs.

    Property Features for 2229 Michigan Ave

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    32,500 SF
    Class
    C
    Total Rate
    48750

    Building Details

    Year Built/Renovated
    1918/2018
    Buildings
    1
    Stories
    4

    Unit(s) available at that property

    Space
    1 (Back)
    Size
    2,512 SF
    Rate per SF
    $19
    Space
    Suite 306
    Size
    3,211 SF
    Rate per SF
    $18
    Space
    407-408
    Size
    4,772 SF
    Rate per SF
    $20

    HighLights

    • Newly revitalized 4‑story office building in Chicago's South Loop (Motor Row).
    • Three available suites ranging from 2,512 to 4,772 square feet.
    • Extensive 2018 renovation including façade, lobby, elevator, mechanicals, windows, and bathrooms.
    • 32,500 square foot building with high ceilings, abundant natural light, and exposed brick.
    • 0.23‑acre lot, 3.24 FAR, DX‑5 zoning, and four parking spaces.
    Property Profile Location Intelligence

    Current Use by Public Records

    Lips Drag Queen ... Restaurant Chicago House & Social ... Social Services Organization Fly Club Dance School Bellagio 223 Wedding Venue People's Lobby Non-Profit Organization

    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
    -87.6233053
    Latitude
    41.8520618

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    FAQs

    What type of property is this?
    Office space - Historic Motor Row Office Building, 3 Suites Available
    Where is this office space located?
    The property is located at 2229 Michigan Ave Chicago, IL.
    What is the lease rate?
    The lease rate is $18-$20 SF/Yr.
    What are key features of this property?
    This property features: Newly revitalized 4-story office building in Chicago's South Loop (Motor Row).; Three available suites ranging from 2,512 to 4,772 square feet.; Extensive 2018 renovation including façade, lobby, elevator, mechanicals, windows, and bathrooms.
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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
    2229 Michigan Ave Chicago, IL 60616
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