2001 State St Chicago, IL 60616
- Retail properties
- 40,000 SF
Current Use by Public Records
- Phenomenal Fitness / Gym
- Bitcoin ATM Chicago - Coinhub / Atm / Currency Exchange Service
- Catch Me If U Cam / Physical Fitness Program
- Bravo Martial Arts / Martial Arts School / Boxing Gym
- Sophisticated Movement / Personal Trainer
Property Details for 2001 State St
- Year built
- 1878
- Property size
- 40,000 SF
- Property type
- Retail properties
- Property subtype
- Office Properties & Spaces
Description
This exceptional dual-property offering in Chicago's vibrant South Loop presents a compelling investment opportunity. The portfolio comprises two buildings totaling 52,750 net rentable square feet, featuring a mix of residential and commercial space. The first building, located at 2001 S State St, encompasses 22 fully renovated apartments and 12,960 square feet of commercial space currently occupied by diverse tenants including a fitness center, a corporate headquarters, an OBGYN practice, and a specialty grocery store. The second building, situated at 2000 Wabash, offers 6,736 square feet of commercial space and an additional 2,200 square feet of second-floor live/work space. Both properties boast significant recent renovations completed between 2018 and 2021, including new roofing, tuckpointing, siding, security systems, windows, HVAC, elevators, and complete apartment gut renovations featuring granite countertops, stainless steel appliances, and in-unit laundry. The buildings, constructed in 1878 and renovated in 2020, are four stories each and sit on fee simple ownership. The property benefits from a 100% occupancy rate, generating a current NOI of $879,608 and a pro-forma NOI of $932,021. The property is zoned DX-5 and includes 25 parking spaces. Its prime location offers easy access to McCormick Place, Wintrust Arena, the Marriott Marquis Hotel, and public transportation, including the Cermak Green Line L station. The surrounding area is experiencing rapid growth, with numerous new residential, hotel, and commercial developments underway, further enhancing the property's value and potential. This is a stabilized investment in a high-demand location with strong rental income and significant upside potential.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6267
- Latitude
- 41.8551
