178 Wells St Chicago, IL 60606
- Office Properties & Spaces
- 4,500 SF
Current Use by Public Records
- 177 N Wells St Parking / Parking Lot
Property Details for 178 Wells St
- Property size
- 4,500 SF
- Property type
- Office Properties & Spaces
- Property subtype
- Mixed-use properties
Description
This exceptional 4,500 square foot mixed-use building, located at 178 N Wells St in Chicago's vibrant downtown (60606), presents a compelling investment opportunity. Currently housing Rosati's Pizza & Asada Mexican Grill, the property sits on a 5,720 square foot lot and boasts a single story structure. The property's DC-16 Downtown Core District zoning allows for significant development potential. With a Floor Area Ratio (FAR) of 16, the zoning permits the construction of up to 91,520 square feet by right. Permitted uses under this zoning include multi-family residential, office space, hotel accommodations, and mixed-use developments, offering considerable flexibility for future development or redevelopment. The building's prime location in Cook County, Illinois, ensures high visibility and accessibility, making it an ideal investment for both short-term and long-term growth. This property offers a unique blend of immediate income potential and substantial future development possibilities in a highly sought-after Chicago location. The existing tenants provide a stable income stream while the zoning allows for a wide range of future development options. This is a rare opportunity to acquire a strategically located property with significant upside potential in the heart of Chicago's bustling downtown core.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6331
- Latitude
- 41.8854
