$1339.29 Per Sq Foot $20,131 est/mo Sourced by Back At You

601 N Wells Street,Chicago, IL 60654

Chicago IL, 60654

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Description

Excited to present a unique investment opportunity located at 601 N. Wells St., Chicago, IL 60654, in the heart of the River North neighborhood of Downtown Chicago. This prime real estate offering includes a retail property with 2,800 square feet of space, currently outfitted as a restaurant, and an advantageous billboard lease adding to its income potential.KW Commercial and Keller Williams ONEChicago are excited to present a unique investment opportunity located at 601 N. Wells St., Chicago, IL 60654, in the heart of the River North neighborhood of Downtown Chicago. This prime real estate offering includes a retail property with 2,800 square feet of space, currently outfitted as a restaurant, and an advantageous billboard lease adding to its income potential. The total land size of the property is 2,722 square feet, under Downtown Mixed-Use (DX-5) zoning, which accommodates a high-density mix of commercial, residential, and office spaces. This flexibility provides a wide array of redevelopment opportunities, making it an attractive proposition for investors looking to maximize the site's utility and revenue. Significantly enhancing this property's value is a billboard lease with an annual income of $89,165.72, which has 20 years remaining, expiring in 2046. The lease income is set to increase by 3.5% annually, offering a steady growth in revenue over time. This additional income stream contributes to the property's overall attractiveness and potential for high returns on investment. Previously operated as a Latin American, seafood, and Mexican restaurant, the retail space is well-suited for similar future uses. It suggests that the space is fully equipped for food service operations, potentially including a bar or lounge area. The existing kitchen, dining, and service areas are presumably in a condition that would support continued use without significant renovations if well maintained. The property's DX-5 zoning enables a multitude of redevelopment possibilities: Mixed-Use Development: Combining retail with residential or office spaces above to leverage the property's location and zoning for maximum income. Exclusive Restaurant/Bar: The space could continue serving as a premium dining venue or bar, drawing in clientele from River North and the broader Downtown Chicago area. Boutique Retail or Gallery Space: Aligning with the neighborhood's cultural scene, the space could be transformed into a boutique retail store or art gallery catering to River North's affluent demographics. River North is renowned for its dynamic art galleries, vibrant nightlife, and dining scene, making it a coveted location for any retail or mixed-use development. The neighborhood's affluence, high foot traffic, and excellent visibility and accessibility to locals and tourists alike underscore the strategic value of investing in 601 N. Wells St.

Details

MLS#12024599
Listing TypeFor Sale
StyleRetail
Sub-TypeResale
StatusActive
Year1888
Days On Site46
Listing Provided ByKeller Williams ONEChicago | Anthony Hardy

Features

SQ Feet2,800
Story(s)1
Acreage2722.00

Market Activity 60654

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Learn More About This Property

StateIL
CountyCook
CityChicago
Zip Code60654
AreaCHI Near North Side
Listing VS Median (in 60654)
Price:
$3,750,000
low | high
Med:
$475,000
100% of Average
SqFt:
2,800
low | high
Med:
1,300
100% of Average
$ / SqFt:
$1,339
low | high
Med:
$365
100% of Average
On Site:
46
low | high
Med:
21
100% of Average
Sourced by Back At You
Nearby Listings (Within 1/2 mile)
Price: $0 - $0
SqFt: 2,000 - 3,500
Listing Updated: May 23, 2024 at 3:40:10 PM PDT