2628 South State Street

Chicago, IL 60616

$2,500,000
Price
21,000 / 0.48
Lot Size / Acres

Description

We are thrilled to present an unparalleled investment opportunity in Chicago's vibrant South Loop. This expansive 21,300 sq. ft. corner lot, with an impressive 163' frontage on State Street, is situated in the highly sought-after Douglas neighborhood. Just moments from McCormick Place, IIT College, and downtown Chicago, and with immediate access to I-55, I-94, and Lake Shore Drive, the location is prime for development. Although the Douglas area has seen limited residential development, this plot...We are thrilled to present an unparalleled investment opportunity in Chicago's vibrant South Loop. This expansive 21,300 sq. ft. corner lot, with an impressive 163' frontage on State Street, is situated in the highly sought-after Douglas neighborhood. Just moments from McCormick Place, IIT College, and downtown Chicago, and with immediate access to I-55, I-94, and Lake Shore Drive, the location is prime for development. Although the Douglas area has seen limited residential development, this plot provides a rare chance to introduce luxury yet affordable residential units in close proximity to the Loop. Envision the potential: 60 upscale apartments at $2,000 per month could generate a remarkable $120,000 in monthly revenue. With the average cap rate for the 60616 zip code at 7.68%, this translates to a potential valuation upside of $18,750,000. The strategic location, coupled with the burgeoning development of new housing and commercial units nearby, makes this an irresistible prospect for discerning investors. Seize the opportunity to transform this prime parcel into a lucrative development in one of Chicago's most dynamic neighborhoods.
  1. Listed by Michael Applegate • Straight-A Realty, LLC
  2. Listed by Brittany Jones • Straight-A Realty, LLC

Property Details for 2628 South State Street

Area
CHI - Douglas
Township
Hyde Park
Ownership
Fee Simple
Num Of Parking Spaces
0.0
Zoning
COMMR
LISTING UPDATED: 01/18/2025 03:12 PM

Property Details for 2628 South State Street

StatusActive
MLS #12091041
Days on Market224
Taxes$28,978 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeLand
MLS TypeLand
Year Built-
Lot Size0.48 AC
CountyCook County

Building Information for 2628 South State Street

Lot Size0.48 AC

Property Information for 2628 South State Street

General Information
School Information
  • Elementary School District: 219
  • High School District: 219
  • Middle Or Junior School District: 219
Location and General Information
  • Frontage Length: 168
  • Frontage Type: City Street
Taxes and HOA Information
  • Additional Parcels: Yes
Property Information
Interior Features
  • Basement Bathrooms: No
  • Num of Baths: 0.0
Exterior Features
  • Backup Package: Yes
Utilities / Equipment
  • Utilities: Electric to Site, Gas to Site, Sanitary Sewer, Water-Community
Property/Lot Information
  • Lot Size: .50-.99 Acre
  • Lot Dimensions: 168X125
  • Buildings on Land: No
  • Waterfront: No
  • General Information: None
  • North Coordinate: 0
  • South Coordinate: 2832
  • East Coordinate: 1
  • West Coordinate: 0
Property and Assessments
  • Possible Use: Commercial, Office and Research, Recreational, Retail
  • Buyer Financing: Conventional, FHA, VA, Lease Purchase, Rent w/ Option, Land/Lease
  • Documents Available: Demographics,Legal-Description,Existing Survey,Tax Bill,Title Report
  • Public Document Count: 0
  • Photos Count: 6
  • OpenHouse Count: 0
Miscellaneous
  • Current Use: Commercial
  • Land Amenities: Curbs and Gutters,Fencing,Sidewalks
  • Land Description: Cleared,Level
  • Location: Corner,Mixed Use Area
  • Road Surface: Concrete, Gravel
  • Total Listed Lots Avail: 4
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No

Property History for 2628 South State Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 2628 South State Street

Taxable ValueLand$38,304Additions-Total$38,304
Tax Record2022$7,903 ($659 / month)
Home Facts
Beds0Lot Size9,576 SqFtStyleMiscellaneous Vacant LandCountyCOOKAPN17-28-410-007

Schools near 2628 South State Street

This home is within Chicago Public Schools.
Rating
School
Type
Grades
Distance
Drake Elementary School
Public - PK to 8
Phillips Academy High School
Public - 9 to 12
McKinley Academy at Lakeside
Charter - 9 to 12
Graham R Training Center
Public - 9 to 12
Rating
School
Distance
Drake Elementary School
PublicPK to 8

Phillips Academy High School
Public9 to 12

McKinley Academy at Lakeside
Charter9 to 12

Graham R Training Center
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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More information about 2628 South State Street, Chicago, IL 60616

2628 South State Street is a 0.48 ac of land for sale in Chicago, IL 60616. This property was listed for sale on June 21, 2024 by Straight-A Realty, LLC, it's currently listed at $2,500,000. This listing's school district is Chicago Public Schools. Nearby schools include Drake Elementary School, Phillips Academy High School and McKinley Academy at Lakeside. 2628 South State Street is a 0-bed, 0-bath, 0.48 ac of land on a 21,000 sq. ft. / 0.48 acres lot.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Straight-A Realty, LLC

Based on information from one of the following Multiple Listing Services: Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Based on information submitted to the MLS GRID as of 01/18/2025 03:12 PM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.