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Palmer House Retail Shops 17 E Monroe St 1641 Room Hotel Chicago, IL 60603 For Sale
Investment Highlights
- Located in the heart of Chicago’s State Street Corridor with direct access to retail, office, and entertainment destinations.
- Situated in the Central Business District where new development opportunities are highly limited.
- Offers exceptional connectivity through CTA rail, buses, and major thoroughfares within walking distance.
- Proximate to Millennium Park, Grant Park, and the Lake Michigan waterfront, attracting heavy foot traffic year-round.
- Surrounded by a dense mix of residents, tourists, and office workers creating strong retail demand.
- Walkable live-work-play environment with immediate access to world-class dining, entertainment, and cultural attractions.
Executive Summary
Palmer House Retail Shops
This is a rare opportunity to acquire retail space in Chicago’s highly coveted State Street Corridor, situated at 17 East Monroe Drive within the city’s Central Business District. This premier location offers unmatched visibility and immediate access to Chicago’s vibrant mix of retail, entertainment, cultural, and hospitality amenities. Positioned near world-renowned destinations such as Millennium Park and Grant Park, and only steps away from the Lake Michigan lakefront, the property benefits from the draw of millions of visitors annually, along with a robust local resident and office population.
The surrounding area is a dense, walkable environment anchored by iconic attractions, top-tier dining, shopping, and cultural venues. With exceptional connectivity to CTA lines, commuter rail, buses, and major regional road networks, the property ensures consistent accessibility for both locals and tourists. Given the scarcity of redevelopment opportunities in this core downtown market, the asset is poised to deliver significant long-term value for investors seeking a presence in one of Chicago’s highest-demand retail destinations.
This is a rare opportunity to acquire retail space in Chicago’s highly coveted State Street Corridor, situated at 17 East Monroe Drive within the city’s Central Business District. This premier location offers unmatched visibility and immediate access to Chicago’s vibrant mix of retail, entertainment, cultural, and hospitality amenities. Positioned near world-renowned destinations such as Millennium Park and Grant Park, and only steps away from the Lake Michigan lakefront, the property benefits from the draw of millions of visitors annually, along with a robust local resident and office population.
The surrounding area is a dense, walkable environment anchored by iconic attractions, top-tier dining, shopping, and cultural venues. With exceptional connectivity to CTA lines, commuter rail, buses, and major regional road networks, the property ensures consistent accessibility for both locals and tourists. Given the scarcity of redevelopment opportunities in this core downtown market, the asset is poised to deliver significant long-term value for investors seeking a presence in one of Chicago’s highest-demand retail destinations.
Property Facts
| Sale Type | Investment | Building Size | 1,800,000 SF |
| Property Type | Hospitality | No. Rooms | 1641 |
| Property Subtype | Hotel | No. Stories | 24 |
| Building Class | B | Year Built/Renovated | 1930/2007 |
| Lot Size | 2.06 AC | Corridor | Interior |
| Zoning | DBD - Downtown Business District | ||
| Sale Type | Investment |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 2.06 AC |
| Building Size | 1,800,000 SF |
| No. Rooms | 1641 |
| No. Stories | 24 |
| Year Built/Renovated | 1930/2007 |
| Corridor | Interior |
| Zoning | DBD - Downtown Business District |
Amenities
- Business Center
- Fitness Center
- Pool
- Restaurant
- Room Service
- Spa
- On-Site Retail
- High Speed Internet Access
- On-Site Bar
- Convention Hotel
- Meeting Event Space
- Wedding Venue
- Smoke-Free
- Multi-Room Suites
- Digital key
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Suite | 63 | $362.00 | - |
| Guest Room | 1578 | $257.00 | - |
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Exceptionally walkable
100/100
Fairly drivable
50/100
Exceptional public transit
100/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $78,456,566 | |
| Land Assessment | $3,347,007 | Total Assessment | $81,803,573 |
Property Taxes
Parcel Numbers
Land Assessment
$3,347,007
Improvements Assessment
$78,456,566
Total Assessment
$81,803,573
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Palmer House Retail Shops | 17 E Monroe St
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