2036 S Michigan Ave
Chicago, IL 60616
Mixed-Use Apartments, Retail and Office · Multifamily Property For Sale
·
68 Units
INVESTMENT HIGHLIGHTS
- Frontage on Michigan Avenue
- Brand new apartments
- Brand new commercial build-outs
- Parking lot adjacent to the building
PROPERTY FACTS
| No. Units | 68 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.98 AC |
| Building Size | 65,000 SF |
| Average Occupancy | 85% |
| No. Stories | 7 |
| Year Built/Renovated | 1951/2017 |
| Parking Ratio | 1.11/1,000 SF |
| Zoning | DX5 - Downtown Mixed-Use District |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Oven
- Tub/Shower
- Freezer
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Fitness Center
- Laundry Facilities
- Disposal Chutes
- Grill
- On-Site Retail
- Package Service
- Elevator
- Sundeck
ABOUT 2036 S MICHIGAN AVE , CHICAGO, IL 60616
2014-2036 S Michigan Ave, the former Studebaker showroom, is located in the South Loop on Chicago's historic Motor Row. A large portion of the building was converted into 68 brand new apartment units in 2016. Beautiful, brand new, high ceiling lofts with top finishes that include quartz counter-tops, stainless steel appliances, marble bathrooms, and high-end cabinetry throughout. These units are extremely spacious with large windows and have plenty of room for rent increases based on market standards. They are 95% leased with applications pending on the remaining units. The lobby was recently renovated and there is also a full-size gym available for the residents. The 1st floor retail spaces are all brand new build outs and fully leased. The 2nd floor commercial space was given a common corridor with brand new bathrooms. This floor offers open loft space with the potential to house a variation of tenants. There is a parking lot adjacent to the property that offers on-site parking for tenants and provides extra income for the owner.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 5 | - | - |
| 2+2 | 47 | - | - |
| 3+2 | 16 | - | - |
PROPERTY TAXES
| Parcel Number | 17-22-312-022-0000 | Improvements Assessment | $1,139,738 |
| Land Assessment | $156,563 | Total Assessment | $1,296,301 |
