601 N Wells Street
Chicago, IL, 60654 $ 3,750,000
Baths0.0 Sq 2,800 Monthly Estimate*
$ 24,924
Studio
for $3,750,000. This 2,800 square foot building was built in 1888 on a lot size of 0.062489.
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.
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FeaturesGeneralCooling Central Air
Year Built 1888
Electric Other
Tenant Pays Taxes
Stories 1
Property SubType Restaurant
Tax Year 2022
County Cook
Net Operating Income 0
Property Type Commercial Sale Retail/Stores
Status Active
Directions Use the right 2 lanes to take exit 50B toward E Ohio St Continue onto W Ohio St Turn left onto N La Salle Dr Turn left at the 1st cross street onto W Ontario St Turn left onto N Wells St.
City Chicago
MLS Area CHI - Near North Side
Lot Size Square Feet 2722
Street Name Wells
Tax Annual Amount 41157
Additional Parcels Y/N N
Leasable Area 2800
Days on Market 49
Lease Type Net
Standard Status Active
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ExteriorBuilding Area Total 2800
Lot Dimensions 2722
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* Excluded FeaturesList ByKeller Williams OnechicagoBroker
tonyhardy@kw.com;Dealjunky101@gmail.comEmail
Affordability Calculator
- Monthly Principal & Interest
- $24,924
- Monthly Property Taxes
- $3,430
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 6.99% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyCommerical listings in Chicago, IL
Average List Price $852,833
Percent of Sale Price 77%
About Chicago, IL 2,755,380 Population
-4% Since 2002
$ 53,088 Median Income
36.07 Median Age
25% Households with Children
Trends Information provided by ATTOM Data Solutions.
565567 Elementary School
567955 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
5/21/2024 | $3,750,000 | -16.67% | Price Down |
4/9/2024 | $4,500,000 | | Listed Price |