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$775,000

Est. payment - /mo

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6,000 SqFt

Active Under Contract

1407 W Chicago AVE Chicago, IL 60642

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Chris Buckely

chrisb@cby3d.com +1(312) 313-5553

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Key Details

Property Type Commercial

Sub Type Office/Tech

Listing Status Active Under Contract

Purchase Type For Sale

Square Footage 6,000 sqft

Price per Sqft $129

MLS Listing ID 12273004

Year Built 1899

Annual Tax Amount $54,273

Tax Year 2023

Lot Dimensions 25 X 120 (PER SURVEY)

Property Sub-Type Office/Tech

Property Description

Incredible opportunity for investors seeking versatile office space or the potential to convert into a mixed-use property. This all-brick building, situated on a 25x120 lot, offers approximately 6K+ sq. ft of usable space across its main and upper floors (does not include basement). Favorably zoned as B1-2 zoning, providing Incredible opportunity for investors seeking versatile office space or the potential to convert into a mixed-use property. This all-brick building, situated on a 25x120 lot, offers approximately 6K+ sq. ft of usable space across its main and upper floors (does not include basement). Favorably zoned as B1-2 zoning, providing investors with the ability to convert building to a mixed building (residential and commercial), potentially add another floor, and allow for commercial space (i.e., retail, coffee shop) making this property even more attractive for future development. Prime Location: High foot traffic area near the corner of Chicago Avenue and Noble Street. Across from Lush Wine bar, Five Star, and less than a mile away from the new Bally Casino. Less than 1/2 mile from the Chicago Blue Line station/ Major bus stops just steps from the entrance. If you're looking to relocate your business, lease out office space, or embark on a redevelopment project, this property provides options and in a great location. Existing Building Highlights: i) Well renovated office space providing over 6K+ square ft allowing any investor with the ability to lease the space day 1 post ownership ii) Bathrooms: Equipped with 2 half-baths and 1 full bath on the second floor for added convenience iii) Security Features: Building equipped with key card access throughout the space, providing safe and secure access, as well as camera security system, iv) Additional Space: Includes a usable basement level for storage or potential build-out, not included in the 6K+ sq. Ft of useable space between the main and upper floors; v) Furniture & Electronics: The owner is open to negotiating the sale of furniture and electronics currently in the building. Building includes Wire/wireless data network, vi) Potential Parking: Space is currently being used as enclosed storage/IT room but can be converted to a 2 tandem parking (up to 4 cars total) or more depending on how the investor looks to utilize the rear of the building, vii) Prime For Multi-Unit Conversion: Upper floor can be converted to rental units, and back end of the building can accommodate heated enclosed parking. Additionally, the main floor can be used for retail space in a high traffic area on Chicago Avenue. Please Note taxes have been reassessed on the property for 2024 and annual taxes are expected to be ~36K for the full year.

Location

State IL

County Cook

Area Chi - West Town

Zoning OFFIC

Interior

Cooling Central Air

Fireplace N

Building

Dwelling Type Office/Tech

Level or Stories 2

Structure Type Brick

Listed by Amit Vyas • Mark Allen Realty ERA Powered

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Chris Buckely

IL/IN/MI Managing Broker | License ID: IN- RB17001753 | IL- 477013311

+1(312) 313-5553

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1407 W Chicago AVE Chicago, IL 60642

Chris Buckely

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1407 W Chicago AVE