Retail Space - For Sale
2347 South Michigan Avenue Chicago, IL 60616
Details & Description
Price: $1,650,000
  • Property Type Retail for Sale : Free Standing Building
  • Lot Size Acres 0.190
  • Building Sq Ft 18,000
  • Building Price per Sq Ft $91.67
  • Land Sq Ft 8,274
  • Land Price per Sq Ft $199.42
Huge price reduction!!! SVN Chicago Commercial is pleased to present The Colby Building - a historic landmark property 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. 18,000 SF building sits in the closest Opportunity Zone to downtown Chicago. The longtime home of Lesly Motors, the property's DS-5 zoning will allow for additional sq. footage to be added to the property. With landmark status, any 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 potential for mixed-use, hotel/hospitality, office, or retail/restaurant uses. One of the best locations in Chicago.Highlights$300,000 Price ReductionApprox. 18,000 SF land-marked building in Chicago's Motor Row Historic DistrictLocated in one of the best Opportunity Zones in the USAdjacent to McCormick Place, Chicago's South Loop neighborhood and other points of interestDS-5 Zoning allows for additional sq. footage to be added to the buildingExpansive, high ceilings on the 2nd floor of the propertyLocated adjacent to McCormick Place & the new Wintrust Arena & Chicago's vibrant South Loop neighborhoodSteps to thousands of area residents and hotel roomsBlocks from new CTA Green Line station at Cermak, and proximate to all expresswaysMany possible uses including hospitality, office, mixed-use, retail & restaurantOpportunity for historic tax credits as part of re-development and renovation    
Listing Agents
Wayne Caplan

O: 312-529-5791
wayne.caplan@svn.com
While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

2347 South Michigan Avenue

Chicago, IL 60616

Listing ID: 219661
$1,650,000
For Sale
  • Property Type Retail for Sale : Free Standing Building
  • Lot Size Acres 0.190
  • Building Sq Ft 18,000
  • Building Price per Sq Ft $91.67
  • Land Sq Ft 8,274
  • Land Price per Sq Ft $199.42
  • 2347 South Michigan Avenue Chicago, IL 60616 | for Sale | Photo 1
  • 2347 South Michigan Avenue Chicago, IL 60616 | for Sale | Photo 2
  • 2347 South Michigan Avenue Chicago, IL 60616 | for Sale | Photo 3
2347 South Michigan Avenue | for Sale | Thumbnail 1
2347 South Michigan Avenue | for Sale | Thumbnail 2
2347 South Michigan Avenue | for Sale | Thumbnail 3
Description

Huge price reduction!!! SVN Chicago Commercial is pleased to present The Colby Building - a historic landmark property 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. 18,000 SF building sits in the closest Opportunity Zone to downtown Chicago. The longtime home of Lesly Motors, the property's DS-5 zoning will allow for additional sq. footage to be added to the property. With landmark status, any 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 potential for mixed-use, hotel/hospitality, office, or retail/restaurant uses. One of the best locations in Chicago.

Highlights

$300,000 Price Reduction

Approx. 18,000 SF land-marked building in Chicago's Motor Row Historic District

Located in one of the best Opportunity Zones in the US

Adjacent to McCormick Place, Chicago's South Loop neighborhood and other points of interest

DS-5 Zoning allows for additional sq. footage to be added to the building

Expansive, high ceilings on the 2nd floor of the property

Located adjacent to McCormick Place & the new Wintrust Arena & Chicago's vibrant South Loop neighborhood

Steps to thousands of area residents and hotel rooms

Blocks from new CTA Green Line station at Cermak, and proximate to all expressways

Many possible uses including hospitality, office, mixed-use, retail & restaurant

Opportunity for historic tax credits as part of re-development and renovation    

Attachments & Files
Points of Interest & Demographic Radii
Points of Interest
Demographic Radii
POIs provided for entertainment purposes only. Data comes from multiple data sources as well as users and agents. MyEListing makes no claims whatsoever as to the accurancy and/or completeness.
 
Chicago History of Retail Space for Sale

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Chicago Area Market Trends

Listing Demographics for 2347 South Michigan Avenue Chicago, IL 60616

All information based on the most recently available data (updated annually) and is provided in 1-mile, 3-mile, and 5-mile radii (radiuses) of the property location.

1-Mile 3-Miles 5-Miles
Total Population40,406300,261784,774
Population Median Age413737
Population by Age0-9 Yrs3104 (7%)27117 (9%)78151 (9%)
10-19 Yrs3376 (8%)27907 (9%)75953 (9%)
20-29 Yrs6776 (16%)65612 (21%)173923 (22%)
30-39 Yrs6991 (17%)60595 (20%)153008 (19%)
40-49 Yrs5655 (13%)36366 (12%)90109 (11%)
50-59 Yrs5868 (14%)32817 (10%)81205 (10%)
60-69 Yrs4498 (11%)28973 (9%)74245 (9%)
70+ Yrs4137 (10%)20872 (6%)58178 (7%)
Median HH Income$65,481$76,955$69,983
Total Household Income< 24K5728 (29%)32685 (22%)83549 (23%)
25-49K2693 (13%)19546 (13%)55921 (15%)
50-74K2340 (11%)17856 (12%)46865 (13%)
75-99K2070 (10%)15733 (11%)37535 (10%)
100-199K4358 (22%)36030 (25%)81098 (22%)
200K+2536 (12%)20786 (14%)49326 (13%)
Highest Education LevelNo Diploma48072375972106
Diploma or GED48333022292458
Some College37882820971525
Assoc. Degree1308930722792
Bachelors Degree780464447158104
Higher Degree924263754145877
Total Housing Units21,047161,471408,561
--Owner-Occupied8,55052,779130,470
--Renter-Occupied11,17589,859223,824
Owner-Occupied Values< 100K29118857935
100-199K670514021504
200-299K19961139224932
300-399K22031202120792
400-499K1307796716243
500K+20831437439064
Total Working Age Population35,283259,340666,376
In Work Force23,016181,792451,031
Not In Work Force12,26777,548215,345
Workforce Employed22,083169,998419,344
Workforce Unemployed92311,55231,216
Civlian Workforce23,006181,550450,560
Military Workforce10242471
Total Households19,725142,638354,294
Family Households8,93061,336155,356
Non-Family Households10,79581,302198,939
Married Couple6,30541,344100,711
Other Family2,62619,99154,644
Married w/Child1,92913,04634,243
Single Male w/Child1251,4575,074
Single Female w/Child9577,68221,083

Population Change Last Two Decades - Plus Projection

2000%2010%2020%2030
Illinois12,419,293+312,830,632+1214,316,487+615,138,849
Cook County5,376,741-35,194,675+105,707,832+55,990,243

Total Working Age Population:

Total Households:

Total Working Age Population:

Total Households:

Total Working Age Population:

Total Households:

No part of this information may be copied, reproduced, repurposed, or screen-captured for any commercial purpose without prior written authorization from MyEListing.

While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

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Closest Commercial Airports
Airport Distance (mi)
Chicago Midway International Airport (MDW) 8
Chicago O'Hare International Airport (ORD) 17
South Bend Regional Airport (SBN) 68
Listing Agent
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