2241 Wabash Ave Chicago, IL 60616
- Retail space
- 26,500 SF
- 0.26 lot acres
Current Use by Public Records
- SilverIP Communications / Internet Service Provider
- Kamyar Moeinzadeh / Divorce Lawyer
- Vantage Group Legal Services / Divorce Lawyer / Foreclosure Service
- Affordable Tow Chicago / Towing Service / Towing Equipment Provider
Property Details for 2241 Wabash Ave
- Year built
- 1898
- Lot size
- 0.26 lot acres
- Property size
- 26,500 SF
- Property type
- Retail space
- Property subtype
- Storefront properties
- APN
- 17-27-101-021
- APU
- 1727101021
Description
This stunning three-story, 39,900 square foot mixed-use commercial building, located at 2241 S Wabash Ave in Chicago's Motor Row neighborhood, presents a unique investment opportunity. Built in 1915, the property boasts striking exterior design and timeless architecture. The spacious layout features soaring 16-foot timber ceilings on the second and third floors with exposed brick, and a 17-foot ceiling in the rear garage with a drive-in door. Each floor offers approximately 10,000 square feet of usable space, with 400 amp electrical service per floor and a freight elevator. A full basement provides additional storage or expansion potential. The building is zoned DS-3 Commercial and sits within a Tax Increment Financing (TIF) district and Opportunity Zone, offering significant tax incentives and long-term growth potential. The third floor includes an office, skylight-lit conference room, kitchenette, and two restrooms. The second floor features enclosed glass offices, one to two large conference rooms, seven to eight private offices, a center open floor plan, reception area, media/conference room, IT room, storage room, and two large restrooms, plus a well-equipped kitchen. The main level comprises front retail/office space, a rear garage with 17-19 surface parking spaces and a drive-in door, warehouse area, and a full locker room. Conveniently located near McCormick Place, the property offers easy access to major transportation routes including the McCormick Place Green Line station, bus routes, and Interstates 55, 90, and Route 41 (Lake Shore Drive). The surrounding area provides a variety of dining, retail, and entertainment options. The lot size is 11,520 square feet. The property is currently vacant.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $6,110,000
- 6.5%
- $5,640,000
- 7%
- $5,235,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $3,111,000
Market price range: $710k - $3.16M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $6,195,000 Current use
- NEIGHBORHOOD: SHOPPING CENTER
- $6,335,000 Change: +2% Conversion: Moderate
- APARTMENT HOUSE (5+ UNITS)
- $5,675,000 Change: -8% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.625
- Latitude
- 41.8517
- CBSA code
- 16980
- CBSA name
- CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA
