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601 N Wells Street, Chicago, IL 60654
$4,500,000
601 N Wells Street, Chicago, IL 60654View this property at 601 N Wells Street, Chicago, IL 60654
601 N Wells StreetChicagoIL60654
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Property Description
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.
Full Property Details
Full Property Details for 601 N Wells St
General
- Price: $4,500,000
- Taxes: $41,157 (2022)
- Status: Active
- Type: Commercial Service
- MLS ID: 12024599
- Updated: 4/15/2024
- Added to Site: 22 day(s) ago
Additional Information
- Security/Safety: Other
Location
- Area: CHI - Near North Side
- County: Cook
- Driving Directions: Use the right 2 lanes to take exit 50B toward E Ohio St Continue onto W Ohio St Turn left onto N La Salle Dr Turn left at the 1st cross street onto W Ontario St Turn left onto N Wells St. Destination will be on the left
Heating & Cooling
- Cooling Type: Central Air Conditioning
- Heating Type: Central Building Heat
Structural Information
- Stories/Levels: 1
- Square Feet: 2,800
- Year Built: 1888
Lot Features
- Lot Size (Sq. Ft.): 2,722
- Lot Dimensions: 2722
Financial Considerations
- Lease Price: $65
- For Sale/Rent/Lease: For Sale or Rent
- Security Deposit: Other
- Assessment Year: 1888
- Tax Amount: $41,157
- Tax Year: 2022
- Tenant Pays: Taxes
Disclosures and Reports
- Property ID: 17092310060000
Listed by Keller Williams ONEChicago
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Schools
Schools serving 601 N Wells St
School District:Chicago Public Schools
Rating | Name | Grades | Distance |
---|---|---|---|
24 W Walton St, Chicago, IL 60610 | PK-8 | 0.6 mi | |
936 N Ashland Ave, Chicago, IL 60622 | 9-12 | 1.8 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 601 N Wells St
Date
Details
Price
Change
Source
4/09/2024
Listed
$4,500,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 601 N Wells St
Year
Property Taxes
Change
Tax Assessment
Change
2022
$41,157
2%
$200,100
—
2021
$40,238
-15%
$200,100
-6%
2020
$47,338
11%
$212,500
—
2019
$42,694
2%
$212,500
—
2018
$41,976
8%
$212,500
17%
2017
$38,963
60%
$180,996
49%
2016
$24,283
18%
$121,240
8%
2015
$20,557
-43%
$112,182
-42%
2014
$35,939
84%
$193,702
80%
2013
$19,550
1%
$107,490
—
2012
$19,289
—
$107,490
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 601 N Wells St
601 N Wells Street, Chicago, IL 60654 (MLS# 12024599) is a Commercial Service property. 601 N Wells Street is currently listed for $4,500,000 and was received on April 09, 2024. Want to learn more about 601 N Wells Street? Do you have questions about finding other Commercial Service real estate for sale in Near North Side? You can browse all Near North Side real estate or contact a Coldwell Banker agent to request more information.