Description
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.
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Description
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.
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