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- LoopNet Team
2240 S Michigan Ave
Chicago, IL 60616
Historic Motor Row Building · Retail Property For Sale
PROPERTY FACTS
AMENITIES
- Signage
ABOUT 2240 S MICHIGAN AVE , CHICAGO, IL 60616
SVN Chicago Commercial is pleased to announce a well kept, two-story mixed-use building in the middle of Chicago's Motor Row Historic District. Adjacent to Chicago's vibrant South Loop/McCormick Square area, and located within steps to the new Wintrust Arena, this approx. 8000 SF building sits in the closest Opportunity Zone to downtown Chicago. Existing income from primarily month to month tenants provides immediate cash flow while below market rents provide for a value-add opportunity for a new owner. The landmarked property is located in the Motor Row Historic & designated entertainment districts. Re-development of the property not only is eligible for Opportunity Zone tax benefits but also has the possibility of historic tax credits. The site has the potential for mixed-use, hotel/hospitality, office, retail/restaurant or medical uses. DS-5 zoning allows for additional buildable square footage on the site, beyond the existing structure. One of the best locations in Chicago.
PROPERTY TAXES
| Parcel Number | 17-27-101-023-0000 | Improvements Assessment | $1,132,236 |
| Land Assessment | $452,400 | Total Assessment | $1,584,636 |
PROPERTY TAXES
