Technical
Financial
Distress signals
Property profile

2024 Wabash Ave Chicago, IL 60616

OFF-MARKET
Office Spaces
Property ID
US28-1387683
0.48 ac lot Built 1911
Entity Owned 22-yr Hold ~ Est. High Equity
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Property summary

AI-generated overview

This exceptional 4,898 square foot free-standing restaurant is ideally located at the corner of Wabash and 21st in Chicago's vibrant South Loop, between Michigan Avenue and State Street. Built in 1998, this single-tenant property boasts a fully equipped kitchen, two walk-in coolers, and a spacious dining area with seating for over 200 patrons, plus a separate bar area. The current owner, a seasoned restaurant operator, is open to partnering with a qualified and experienced operator. The property presents a unique opportunity to capitalize on the South Loop's burgeoning growth. This dynamic neighborhood is experiencing a significant revitalization, attracting developers, investors, and businesses alike. New residential and commercial developments are transforming the area, creating a thriving environment for restaurants and other businesses. The property's strategic location ensures high visibility and accessibility, while the potential for a large outdoor patio adds further appeal. This turnkey restaurant space offers immediate operational capabilities and significant upside potential in a rapidly developing area of Chicago's Near South Side. The property is situated in Cook County.

Property profile

Verified
Property type Office Spaces
Use group CONDOMINIUM OFFICES
Year built 1911
Lot 0.48 ac (20,978 SF)
APN 17-22-311-030-1044
UPID US28-1387683

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Consultant
  • Apartment Complex Commercial Real Estate Agency

Location

2024 Wabash Ave Chicago, IL 60616-5402
Chicago metro Census 330103 CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$325k
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$325k

Owner & transaction history

since 2004
2 recorded transactions
2004
$900,000
2004
Price N/A

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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