$4,500,000
601 N Wells Street
Chicago, IL, 60654
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.
Property Details
Price:
$4,500,000
MLS #:
MRD12024599
Status:
Active
Beds:
0
Baths:
0
Address:
601 N Wells Street
Type:
Commercial
Subtype:
Restaurant
City:
Chicago
Listed Date:
Apr 9, 2024
State:
IL
Finished Sq Ft:
2,800
ZIP:
60654
Year Built:
1888
Schools
Interior
Cooling
Central Air
Exterior
Financial
Buyer Agent Compensation
2% – $299Gross Lease Price
Tax Year
2022
Taxes
$41,157
Debra Dobbs is one of Chicago’s top realtors with more than 39 years in the real estate business.
More About DebraMortgage Calculator
Map
Similar Listings Nearby
- 8200 S Paulina Street
Chicago, IL$5,500,000
0.00 miles away
- 8100 S Paulina Street
Chicago, IL$5,500,000
0.00 miles away
- 7849 S Escanaba Avenue
Chicago, IL$5,500,000
0.00 miles away
- 8102 S Maryland Avenue
Chicago, IL$5,500,000
0.00 miles away
- 7157 S Yale Avenue
Chicago, IL$5,500,000
0.00 miles away
- 3159 N California Avenue
Chicago, IL$5,250,000
0.00 miles away
- 22 E Elm Street
Chicago, IL$5,200,000
0.00 miles away
- 2105 W Caton Street
Chicago, IL$4,999,900
0.00 miles away
- 4441 N Ashland Avenue
Chicago, IL$4,999,000
0.00 miles away
- 4300 N Hermitage Avenue
Chicago, IL$4,995,000
0.00 miles away
Courtesy of Keller Williams ONEChicago. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the Chicago, IL. Detailed information about real estate listings held by brokerage firms other than Compass / The Debra Dobbs Group include the name of the listing broker. Neither the listing company nor Compass / The Debra Dobbs Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. Chicago, IL. All rights reserved.
601 N Wells Street
Chicago, IL
LIGHTBOX-IMAGES