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2628 S State Street

Chicago, IL 60616

– beds
– baths
– sqft
~1/2 acre lot
– on site

We are thrilled to present an unparalleled investment opportunity in Chicago's vibrant South Loop. This expansive 21,300 sq. ft. corner lot, with an impressive 163' frontage on State Street, is situated in the highly sought-after Douglas neighborhood. Just moments from McCormick Place, IIT College, and downtown Chicago, and with immediate access to I-55, I-94, and Lake Shore Drive, the location is prime for development. Although the Douglas area has seen limited residential development, this plot provides a rare chance to introduce luxury yet affordable residential units in close proximity to the Loop. Envision the potential: 60 upscale apartments at $2,000 per month could generate a remarkable $120,000 in monthly revenue. With the average cap rate for the 60616 zip code at 7.68%, this translates to a potential valuation upside of $18,750,000. The strategic location, coupled with the burgeoning development of new housing and commercial units nearby, makes this an irresistible prospect for discerning investors. Seize the opportunity to transform this prime parcel into a lucrative development in one of Chicago's most dynamic neighborhoods.

Listing courtesy of MRED / Straight-A Realty, LLC as distributed by MLS GRID

Last checked: Checking… • Last updated Oct 25, 2024 •

MLS# 12091041 —

Location

Directions:

State Street to 2628 South on State Street
Location:

27867

The Property

Parcel Number:

17284100070000
Property Type:

Land
Location:

N
Lot Size Dimensions:

168X133
Current Use:

Commercial
Possible Use:

Commercial, Office and Research, Recreational, Retail
Zoning:

COMMR
Building On Land:

No
Frontage Type:

City Street
Frontage Length:

168
Waterfront:

false
Additional Parcels:

true
Road Surface Type:

Concrete, Gravel

Listing Agent

Contact info:

Taxes

Tax Year:

2022
Tax Annual Amount:

28978.1

The Listing

Special Listing Conditions:

None

Utilities

Utilities:

Electric to Site, Gas to Site, Sanitary Sewer, Water-Community

Schools

Elementary School District:

219
Middle Or Junior School District:

219
High School District:

219

Explore the Area

My Commute

From

Walk Score®

Provided by WalkScore® Inc.

Bike Score®

Provided by WalkScore® Inc.

Transit Score®

Provided by WalkScore® Inc.

Soundscore™

Provided by HowLoud

Sale history

Date	Event	Source	Price
6/21/24 Jun 21, 2024	Listed / Active	MRED	$2,500,000
5/28/24 May 28, 2024	Price Changed	MRED
2/26/24 Feb 26, 2024	Listed / Active	MRED

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This plot of land located in South Side, Chicago, IL 60616 is currently for sale for $2,500,000. 2628 S State Street is a – square foot plot of land with – beds and – baths that has been on Estately for 131 days. 2628 S State Street is in the South Side neighborhood of Chicago and has a WalkScore® of 88, making it very walkable. This plot of land is in the attendance area of John B Drake Elementary School and Phillips Academy High School.

Listing courtesy of MRED, Straight-A Realty, LLC, and Michael Applegate as distributed by MLS GRID.

The data relating to real estate for sale on this website comes in part from the Broker Reciprocity program of Midwest Real Estate Data LLC. Real Estate listings held by brokerage firms other than Signal Real Estate are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the names of the listing brokers. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
© 2024 Midwest Real Estate Data LLC
Information deemed reliable but not guaranteed by MLS GRID. Use of MLS GRID Data may be subject to an end user license agreement prescribed by the Member Participant's applicable MLS if any and as amended from time to time.

Based on information submitted to MLS GRID as of Oct 25, 2024, 04:00 am. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.