601 N Wells Street, Chicago, IL 60654

  • $3,300,000
  • $4,500,000
601 N Wells Street, Chicago, IL 60654
For Sale
601 N Wells Street, Chicago, IL 60654
  • $3,300,000
  • $4,500,000

Overview

Property ID: 19222884
  • Commercial Sale
  • Property Type
  • 1888
  • Year Built

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.

  • Address 601 N Wells Street
  • City Chicago
  • State/county IL
  • Zip/Postal Code 60654
  • Country United States

Details

Updated on August 24, 2024 at 4:21 pm
  • Property ID: 19222884
  • Price: $3,300,000
  • Year Built: 1888
  • Property Type: Commercial Sale
  • Property Status: For Sale
  • Living Area: 2800
  • MLS#: MRD12024599
  • Office Name: KELLER WILLIAMS ONECHICAGO
  • Agent Name: Anthony Hardy
  • MLS Status: Active
  • Living Area Prefix: SqFt

Additional details

  • List Office MLSID: MRD87738
  • List Agent MLSID: MRD183383
  • List Date: 2024-04-09T15:20:01.000Z
  • Cooling: Central Air
  • Tax Annual: 41157
  • Tax Year: 2022
  • County: Cook
  • Property SubType: Restaurant

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