1631-1727 Indiana Ave Chicago, IL 60616

Property Details for 1631-1727 Indiana Ave

Property size

180,000 SF

Property type

Retail properties

Property subtype

Land

Description

This exceptional Chicago property, located at 1631-1727 S. Indiana Ave in the vibrant South Loop, presents a compelling investment opportunity for developers and investors. The offering encompasses a 23,023-square-foot parking lot with 60 spaces and a fully leased 16,245-square-foot retail/office condominium featuring 10 parking spaces. The existing structure is currently 100% occupied, generating immediate cash flow. The DX-5 zoning permits the construction of a new building with up to 172 units across 180,000 square feet. This prime location benefits from high daily traffic counts (19,505 vehicles) and proximity to numerous attractions, including Soldier Field, museums, upscale dining, and entertainment venues. The adjacent Prairie District Lofts, a large residential condominium building, provides a strong customer base for the existing retail space. The property's strong location, existing income stream, and significant development potential make it an ideal investment in a rapidly growing area of Chicago. 2022 property taxes (under protest) totaled $68,211.41 for the parking lot and $77,565.25 for the Prairie Lofts. This is a rare chance to capitalize on the South Loop's continued transformation and robust rental market. The property's strategic location offers unparalleled access to downtown Chicago, public transportation, and a wealth of amenities. This is a truly unique opportunity to acquire a high-value asset with significant upside potential.