2221 Michigan Ave Chicago, IL 60616
- Industrial properties
- 54,400 SF
- 0.23 lot acres
Current Use by Public Records
- Windy City Furniture, Inc. / Used Furniture Store / Bedroom Furniture Store
Property Details for 2221 Michigan Ave
- Year built
- 1915
- Lot size
- 0.23 lot acres
- Property size
- 54,400 SF
- Property type
- Industrial properties
- APN
- 17-27-102-003
- APU
- 1727102003
Description
This exceptional redevelopment opportunity presents a 33,500-square-foot, three-story loft warehouse situated on a 9,988-square-foot lot (62' x 160') in Chicago's vibrant Motor Row Entertainment District. The property, built in 1919, boasts an 18-foot ceiling height on the first floor and benefits from significant development incentives, including Opportunity Zone designation, TIF financing, Class-L Rehabilitation eligibility, and Federal Historic Tax Credits. The building is zoned DS-5 and features approximately 62 feet of frontage on Michigan Avenue, providing excellent visibility and accessibility. The location offers convenient proximity to public transportation, with approximately 775 feet to the CTA Green Line (Cermak Stop) and approximately 1,967 feet to the CTA Red Line (Chinatown Stop). The property includes 16,440 square feet of air rights, offering potential for expansion. The anticipated occupancy date is October 17, 2024. This is an ideal owner/user investment in a prime location with substantial upside potential. The property's address is 2221 S Michigan Ave, Chicago, IL 60616, APN 17-27-102-003-0000. This unique property combines historic charm with modern development potential.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6234
- Latitude
- 41.8522
- CBSA code
- 16980
- CBSA name
- CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
