23,023 SF Parking Lot & Office/ Retail in South Loop
23,023 SF Parking Lot & Office/ Retail in Desirable South Loop
Marketing description
Available for sale is a 16,245 square foot commercial space, that comes with 10 additional parking spaces, in the South Loop. Situated near the corner of Indiana Avenue and 18th Street, the parcel currently consist of, with present zoning, 172 units over 180,000 square feet of building and potential bonuses. The lot is adjacent to The Prairie District Lofts, a condominium building with 116 residential units and 6 long-term leased commercial spaces on the ground level. The 60-space parking lot can be purchased separately.
Excellent opportunity for a developer or investor to benefit from the area’s recent growth and robust rental market. Attractions in the area include Soldier Field, Shedd Aquarium, Adler Planetarium, the Field Museum, and the School of the Art Institute of Chicago, Columbia College, Mariano’s and more.
In the last decade, the South Loop has seen a tremendous transformation, quickly becoming one of the premiere areas with its attractive high-rise condominium complexes, close proximity to transportation, fine dining establishments and hot entertainment venues.
Investment highlights
23,023 SF parking lot and 16,145 SF commercial space
Long-term leases and low cost space investment opportunity
In-place cashflow
Strong customer base from adjacent condominium building and surrounding properties
Desirable South Loop location in close proximity to Soldier’s Field, upscale shopping, museums, numerous award winning restaurants, entertainment venues 5-star hotels and downtown Chicago
Traffic count: 19,505 vehicles daily
Zoning: DX-5
Taxes (2024 - both under protest): Parking Lot: $84,030, Prairie Commercial Lofts: $71,525
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