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Capital O Empire Motel Chicago I-94 7621 S Cottage Grove Ave 35 Room Hotel Chicago, IL 60619 $2,300,000 ($65,714/Room)
EXECUTIVE SUMMARY
3-Story California-style exterior corridor motel offering 34-rooms, built in 1974, with separate restaurant building positioned at the front of the property, main-level parking, total land area 13,392 Sq. ft. total building 18,000 Sq. ft. located in the well-established Chatham neighborhood on Chicago’s South Side, offering a compelling rehab, redevelopment and potential revenue-generating. Non-franchise motel license”. Significant value-add, the City of Chicago does not issue new non-franchise motel licenses. Walking distance to retail, services, and neighborhood amenities. Strong traffic counts. Approximately 1-mile east of the Dan Ryan Expressway, and about 3 miles from the Obama Presidential Library. Situated within the Greater Chatham Initiative – 87th Street Corridor Improvement Zone. City of Chicago support through Grants & TIF funding. Eligible for façade improvements and full building renovation grants. Property qualifies for significant public incentives, with potential of reducing capital outlay and increasing ROI. Below link provides information about the City of Chicago website offering grants.
https://www.dropbox.com/scl/fo/ujpf58up1jq7os69pildc/ACnoCYjwEJUZ_LnvXzN3XKA?rlkey=3zti12qmch93824o7yjsayiln&dl=0
https://www.dropbox.com/scl/fo/ujpf58up1jq7os69pildc/ACnoCYjwEJUZ_LnvXzN3XKA?rlkey=3zti12qmch93824o7yjsayiln&dl=0
PROPERTY FACTS
| Price | $2,300,000 | Building Size | 17,754 SF |
| Price Per Room | $65,714 | No. Rooms | 35 |
| Sale Type | Investment | No. Stories | 2 |
| Sale Condition | Distress Sale | Year Built | 1992 |
| Property Type | Hospitality | Parking Ratio | 0.37/1,000 SF |
| Property Subtype | Hotel | Corridor | Exterior |
| Building Class | C | Opportunity Zone |
Yes
|
| Lot Size | 0.31 AC | ||
| Zoning | C2-2 - C2-2 Variety of businesses types including shopping centers, liquor stores, warehouses, Auto shops and apartments above the ground floor. | ||
| Price | $2,300,000 |
| Price Per Room | $65,714 |
| Sale Type | Investment |
| Sale Condition | Distress Sale |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 17,754 SF |
| No. Rooms | 35 |
| No. Stories | 2 |
| Year Built | 1992 |
| Parking Ratio | 0.37/1,000 SF |
| Corridor | Exterior |
| Opportunity Zone |
Yes |
| Zoning | C2-2 - C2-2 Variety of businesses types including shopping centers, liquor stores, warehouses, Auto shops and apartments above the ground floor. |
AMENITIES
- Restaurant
- High Speed Internet Access
- Public Access Wifi
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Guest Room | 35 | $58.00 | - |
1 1
Walk Score®
Very Walkable (84)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $537,250 | |
| Land Assessment | $33,752 | Total Assessment | $571,002 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$33,752
Improvements Assessment
$537,250
Total Assessment
$571,002
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Capital O Empire Motel Chicago I-94 | 7621 S Cottage Grove Ave
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