Home Details for 1407 W Chicago Avenue

Incredible opportunity for investors seeking versatile office space or the potential to convert into a mixed-use property. This all-brick building, situated on a 25x120 lot, offers approximately 6K+ sq. ft of usable space across its main and upper floors (does not include basement). Favorably zoned as B1-2 zoning, providing Incredible opportunity for investors seeking versatile office space or the potential to convert into a mixed-use property. This all-brick building, situated on a 25x120 lot, offers approximately 6K+ sq. ft of usable space across its main and upper floors (does not include basement). Favorably zoned as B1-2 zoning, providing investors with the ability to convert building to a mixed building (residential and commercial), potentially add another floor, and allow for commercial space (i.e., retail, coffee shop) making this property even more attractive for future development. Prime Location: High foot traffic area near the corner of Chicago Avenue and Noble Street. Across from Lush Wine bar, Five Star, and less than a mile away from the new Bally Casino. Less than 1/2 mile from the Chicago Blue Line station/ Major bus stops just steps from the entrance. If you're looking to relocate your business, lease out office space, or embark on a redevelopment project, this property provides options and in a great location. Existing Building Highlights: i) Well renovated office space providing over 6K+ square ft allowing any investor with the ability to lease the space day 1 post ownership ii) Bathrooms: Equipped with 2 half-baths and 1 full bath on the second floor for added convenience iii) Security Features: Building equipped with key card access throughout the space, providing safe and secure access, as well as camera security system, iv) Additional Space: Includes a usable basement level for storage or potential build-out, not included in the 6K+ sq. Ft of useable space between the main and upper floors; v) Furniture & Electronics: The owner is open to negotiating the sale of furniture and electronics currently in the building. Building includes Wire/wireless data network, vi) Potential Parking: Space is currently being used as enclosed storage/IT room but can be converted to a 2 tandem parking (up to 4 cars total) or more depending on how the investor looks to utilize the rear of the building, vii) Prime For Multi-Unit Conversion: Upper floor can be converted to rental units, and back end of the building can accommodate heated enclosed parking. Additionally, the main floor can be used for retail space in a high traffic area on Chicago Avenue. Please Note taxes have been reassessed on the property for 2024 and annual taxes are expected to be ~36K for the full year.

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