2416 S. Michigan Ave., Chicago, IL, 60616 - Available for Sale

Office For Sale

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2416 S. Michigan Ave.

2416 S. Michigan Ave., Chicago, IL 60616

$1,995,000

14,800 SF | Office

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Price:
$1,995,000
Building Size:
14,800 SF
Price/SF:
$134.80
Property Type:
Office
Property Sub-type:
Office Building
Additional Sub-types:
Day Care Facility/
Nursery
Street Retail
Retail (Other)
Property Use Type:
Investment
No. Stories:
2
Tenancy:
Multiple
Year Built:
1910
Lot Size:
8,114 SF
Listing ID
18493683
Last Updated
19 days ago

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Highlights

  • Historic Detroit Electric Automobile Company showroom retail/office building for sale.
  • The Seller completed a $680,000 gut renovation of the building in 2003.
  • Located in heart of historic Motor Row District.

Description

CBRE, Inc. is proud to be appointed as the exclusive sales advisor to offer qualified purchasers the opportunity to acquire 2416 South Michigan, Chicago, IL. The offering is comprised of a gut renovated two story mixed-use building containing approximately 14,800 square feet of above grade building area. The improvements, which are comprised of ground floor retail space, upper floor office space and one apartment, are situated on an 8,114-square foot parcel. The property is currently 89% occupied. Space could be made available for an owner-user if necessary. The Seller completed an approximately $680,000 gut renovation in 2003. The renovation included the installation of a new elevator, windows, HVAC system, plumbing, electric, stairways, roof, interior buildout and façade rehab.

2416 South Michigan Avenue enjoys an exceptional location along Michigan Avenue in Chicago' s dynamic South Loop neighborhood. Located adjacent to the Central Business District to the south, the South Loop neighborhood is one of Chicago' s fastest growing neighborhoods. 2416 S. Michigan is strategically located, just west of the McCormick Place Convention Center, with convenient and quick access to The Loop, the lakefront and the area' s major transportation links, including the expressway system and bus and rail service. By 2014, a new $50-million CTA Green Line train station will be constructed at Cermak Road, less than two blocks northwest of 2416 S. Michigan. The Motor Row entertainment district is beginning to take shape. When completed, the Motor Row entertainment district will be comprised of a variety of restaurants, bars and hotels that will cater to residents and visitors. A 1,200-room Marriott hotel and a 10,000-seat arena are being constructed just northeast of 2416 S. Michigan, near the intersection of Michigan Ave. and Cermak Road.

Map of 2416 S. Michigan Ave., Chicago, IL 60616 (Cook County)

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Asking Price Index Trends for Chicago, IL Office For Sale

  Mar 14 vs. 3 mo.
prior
Y-O-Y
-
State
$93-1.3%-2.9%
-
Metro
$102-1.7%-4.5%
-
County
$95-3.3%-6.3%
-
City
$117-2.2%-2.6%

View Chicago Market Trends for other property types for sale or lease. Learn more about the chart info.

Created 12/23/2013
2416 S. Michigan Ave.
  • Office
  • $1,995,000
  • 14,800 SF