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2241-2245 S Michigan Ave 20,000 SF 100% Leased Office Building Chicago, IL 60616 For Sale
INVESTMENT HIGHLIGHTS
- Natural lighting
- Rapidly growing community
- High ceilings and brick interior
EXECUTIVE SUMMARY
2245 S Michigan served as the former Buick Showroom on Motor Row. The three-story walk-up offers excellent natural light with exposures on three sides, while high ceilings and brick interiors define the buildings historic character. There is also parking available in the adjacent lot, which can be paired in the offering. Located in the South Loop, this building is a short distance from McCormick Place, Wintrust Arena, and Marriott Marquis Hotel. It is also just two blocks from the Cermak Green Line L Station.
2245 S Michigan is being offered with the adjacent parking lot at 2241 S Michigan .
2245 S Michigan is being offered with the adjacent parking lot at 2241 S Michigan .
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$486,848
|
$24.34
|
| Other Income |
$106,135
|
$5.31
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$592,983
|
$29.65
|
| Taxes |
$120,397
|
$6.02
|
| Operating Expenses |
$91,811
|
$4.59
|
| Total Expenses |
$212,208
|
$10.61
|
| Net Operating Income |
$380,775
|
$19.04
|
FINANCIAL SUMMARY (ACTUAL - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $486,848 |
| Annual Per SF | $24.34 |
| Other Income | |
|---|---|
| Annual | $106,135 |
| Annual Per SF | $5.31 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $592,983 |
| Annual Per SF | $29.65 |
| Taxes | |
|---|---|
| Annual | $120,397 |
| Annual Per SF | $6.02 |
| Operating Expenses | |
|---|---|
| Annual | $91,811 |
| Annual Per SF | $4.59 |
| Total Expenses | |
|---|---|
| Annual | $212,208 |
| Annual Per SF | $10.61 |
| Net Operating Income | |
|---|---|
| Annual | $380,775 |
| Annual Per SF | $19.04 |
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Property Subtype
Loft/Creative Space
Building Size
20,000 SF
Building Class
B
Year Built
1917
NOI
$380,775
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
6,490 SF
Slab To Slab
10’
Building FAR
1.24
Lot Size
0.37 AC
Opportunity Zone
Yes
Zoning
DX-5 - Downtown Mixed-Use District
Parking
23 Spaces (1.15 Spaces per 1,000 SF Leased)
AMENITIES
- Property Manager on Site
ABOUT 2241-2245 S MICHIGAN AVE , CHICAGO, IL 60616
2245 S Michigan served as the former Buick Showroom on Motor Row. The three-story walk-up offers excellent natural light with exposures on three sides, while high ceilings and brick interiors define the buildings historic character. There is also parking available in the adjacent lot, which can be paired in the offering.
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- BI Incorporated
- -
- 6,390 SF
- -
- Triple Net
- Mar 2025
- Community Organizing and Family Issues
- -
- 6,490 SF
- -
- Triple Net
- Aug 2029
- ISM Sound Consulting Corp
- -
- 1,100 SF
- -
- -
- Dec 2021
- Young Center
- -
- 4,481 SF
- -
- -
- Oct 2024
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| BI Incorporated | - | 6,390 SF | - | Triple Net | Mar 2025 | |
| Community Organizing and Family Issues | - | 6,490 SF | - | Triple Net | Aug 2029 | |
| ISM Sound Consulting Corp | - | 1,100 SF | - | - | Dec 2021 | |
| Young Center | - | 4,481 SF | - | - | Oct 2024 |
Walk Score®
Walker's Paradise (94)
Transit Score®
Excellent Transit (80)
Bike Score®
Very Bikeable (83)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $750,501 (2024) | |
| Land Assessment | $120,000 (2024) | Annual Taxes | $120,397 ($6.02/SF) |
| Improvements Assessment | $630,501 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$120,000 (2024)
Improvements Assessment
$630,501 (2024)
Total Assessment
$750,501 (2024)
Annual Taxes
$120,397 ($6.02/SF)
Tax Year
2023
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2241-2245 S Michigan Ave
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