Address
601 N Wells Street, Chicago, IL
Price
$ 4,500,000
Property Attributes
- MLS#12024599
- TypeCommercial
- CountyCOOK
- CityChicago
- AreaCHI - Near North Side
- NeighborhoodRiver North
- Zip60654
- Style
- Year Built1888
- Taxes$ 41157
- Price$ 4,500,000
- Bedrooms0
- Full Bathrooms0
- Half Bathrooms0
- Sqr Footage2800
- Lot Size2,722 SqFt
Data Source:
Midwest Real Estate Data (MRED)
Property 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.
| Price History | |
|---|---|
| 4/9/2024 | Listed $4,500,000 |
General Features
| Cooling | Central Air |
|---|---|
| Year Built | 1888 |
| Electric | Other |
| Tenant Pays | Taxes |
| Stories | 1 |
| Property SubType | Restaurant |
| Tax Year | 2022 |
| County | Cook |
| Property Type | Commercial Sale |
| 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 | No |
| Leasable Area | 2800 |
| Days on Market | 35 |
| Lease Type | Net |
| Standard Status | Active |
| Property Type | Retail/Stores |
Interior Features
| Street Suffix | Street |
|---|
Exterior Features
| Building Area Total | 2800 |
|---|---|
| Lot Dimensions | 2722 |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Commercial Average in 60654
Price
Taxes
Visits
Year Built
