Michigan Avenue Towers I & II Multi-Family FOR SALE


Chicago, IL - Grant Park
$8,699,000 USD
312-977-2022
, Chicago, IL for Sale
$8,699,000 USD
Multi-Family - FOR SALE
1/17
null | 7% Cap Rate

Michigan Avenue Towers I & II
Chicago, IL
Grant Park


HIGHLIGHTS

  • Prestigious Michigan Avenue address in Chicago's South Loop.
  • 230 luxury condos in 1250 S. Michigan, and 257 luxury condos in 1400 S. Michigan, varying between $300,000 and $900,000 (487 condos total)
  • Close proximity to Roosevelt Road, CTA Redline train station, Grant Park, Soldier Field, and the Chicago Museum Campus
  • The combined asset also includes 37 income-producing secured garage parking spaces and income-producing rooftop antennas, with space to add more
  • High foot and automotive traffic numbers with 34,300 VPD, ideal for retail exposure.
  • Huge 154.3% population increase from 2000-2022 in the South Loop

OVERVIEW

Don’t miss the chance to own a piece of Chicago’s famed Michigan Avenue! The ground-floor retail condominiums at 1250 South Michigan Avenue and 1400 South Michigan Avenue are prime, high-visibility commercial assets in the heart of Chicago's vibrant and fast-growing South Loop neighborhood. Each is positioned on the retail/street-level of a luxury high-rise residential condominium tower and boasts an address on Michigan Avenue, blocks from the legendary Magnificent Mile. They are situated within a moment's walk of Grant Park, bustling Roosevelt Road, and the "museum campus," including Soldier Field, the home of the Chicago Bears. Ten retail spaces comprise the combined asset, including 6 at 1250 S. Michigan and four at 1400 S. Michigan. Only one vacancy remains between the two as of the time of writing. The properties contain a diverse tenant mix, including Jimmy John’s, Waffles Restaurant, Go Grocer, Chi’Tiva Bakery, Luxura Day Spa, and more local favorites. Local independent operators and multi-store franchisees and chains make for a stable rental stream. These properties benefit from their strategic positioning along one of the city’s most prominent thoroughfares, attracting a diverse mix of pedestrians, residents, and commuters. Both buildings are near major cultural attractions, dining, and retail hubs, creating an ideal environment for retail or service-based tenants seeking high foot traffic and solid demographic support. The combined asset also includes 37 income-producing secured garage parking spaces and income-producing rooftop antennas, with space to add more.

ASK ABOUT THIS PROPERTY

Scott LevinsonMatanky Realty GroupMore Info
312-977-2022

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Scott LevinsonMatanky Realty GroupMore Info
312-977-2022

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.