2628 S State Street
Chicago, IL, 60616
$1,999,000
Beds
0 Baths
0 SqFt
0.49 Acres
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$1,999,000
2628 S State Street
Chicago, IL, 60616
MLS #MRD12306369 image #0MLS #MRD12306369 image #1MLS #MRD12306369 image #2MLS #MRD12306369 image #3MLS #MRD12306369 image #4MLS #MRD12306369 image #5
We are thrilled to present an exceptional investment opportunity in Chicago’s dynamic Douglas neighborhood, just one block south of the South Loop. This expansive 21,300 sq. ft. corner lot with 163′ of frontage on historic State Street is ideally positioned minutes from McCormick Place, Illinois Institute of Technology, and downtown Chicago. With immediate access to I-55, I-94, and Lake Shore Drive, this prime location offers unparalleled potential for development. Although Douglas has seen limited residential expansion, this site presents a rare chance to introduce luxury yet attainable housing in a high-demand market. Imagine 60 upscale apartments renting at $2,000 per month, generating an impressive $120,000 in monthly revenue. With an average cap rate of 7.68% in the 60616 zip code, this translates to a potential valuation of $18,750,000. Zoned C2-3, the property allows for a wide range of commercial uses, including retail, auto-related businesses, liquor stores, and warehouses, while also offering potential for rezoning to accommodate a high-density residential project. State Street has long been a cornerstone of Chicago’s history, and this site offers investors the chance to be part of its next evolution. With the South Loop’s continued expansion and the demand for high-end residential units on the rise, this property is a rare gem in one of the city’s most exciting and rapidly transforming neighborhoods. Don’t miss this incredible opportunity-contact us today to learn more!

Property Details

Price:
$1,999,000
MLS #:
MRD12306369
Status:
Active Under Contract
Beds:
0
Baths:
0
Type:
Land
Neighborhood:
chidouglas
Listed Date:
Mar 7, 2025
Chi – DouglasChidouglas

Schools

School District:
219

Interior

Exterior

Financial

Tax Year
2023
Taxes
$18,919
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Debra Dobbs is one of Chicago’s top realtors with more than 41 years in the real estate business.

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Current real estate data for Land in Chicago as of Sep 01, 2025
918
Land Listed
486
Avg DOM
$264,401
Avg List Price

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Property Summary

    2628 S State Street Chicago IL is a Land for sale in Chicago, IL, 60616. It is listed for $1,999,000 and features 0 acres. To schedule a showing of MLS#mrd12306369 at 2628 S State Street in Chicago, IL, contact your Compass / The Debra Dobbs Group agent at 3123074909.
2628 S State Street
Chicago, IL