Motor Row Historic District For Sale | 2215 S Michigan Ave
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Motor Row Historic District For Sale 2215 S Michigan Ave
32,000 SF 100% Leased Office Building Chicago, IL 60616 £2,551,221 (£80/SF)
Executive Summary
Located in the Historic Motor Row District of Chicago, this property offers a unique blend of historic charm and modern convenience. Once the heart of the automobile industry, Motor Row is known for its stunning early 20th-century architecture, including beautifully restored buildings that combine classic design with contemporary amenities. Situated in the vibrant South Loop sub-market, the area retains its historic allure with landmark showroom buildings showcasing intricate stonework and ornate facades.
Just minutes from downtown, Motor Row is ideally positioned near major attractions such as McCormick Place, the Museum Campus, Grant Park, Millennium Park, and Chinatown. The property benefits from excellent connectivity, with direct access to the I-55 Expressway, Lake Shore Drive, and the CTA Cermak Green and Red Line train stations, making it a prime location for both commercial and residential opportunities.
Zoning Potential: Situated in the Motor Row Historic District and within a TIF (Tax Increment Financing) district, this property offers a unique opportunity for future development. With the potential for rezoning to DX or DR, it can accommodate a variety of projects, including mixed-use developments. The option to increase density by purchasing bonus FAR (Floor Area Ratio) further enhances its versatility. The property is also eligible for the Class L Property Tax Incentive, significantly reducing property taxes for qualifying redevelopment efforts.
Building Overview:
4-story structure, constructed in 1920.
Brick and veneer exterior
Heavy timber wood structure.
Ceiling Height: 1st FL- 17', 2nd-3rd FL - 13', 4th FL- 14'
Recent Updates:
Masonry tuckpointing.
New floor-to-ceiling windows.
New elevator.
New fire pump systems.
New electrical service.
Upgraded silver coating roof.
Just minutes from downtown, Motor Row is ideally positioned near major attractions such as McCormick Place, the Museum Campus, Grant Park, Millennium Park, and Chinatown. The property benefits from excellent connectivity, with direct access to the I-55 Expressway, Lake Shore Drive, and the CTA Cermak Green and Red Line train stations, making it a prime location for both commercial and residential opportunities.
Zoning Potential: Situated in the Motor Row Historic District and within a TIF (Tax Increment Financing) district, this property offers a unique opportunity for future development. With the potential for rezoning to DX or DR, it can accommodate a variety of projects, including mixed-use developments. The option to increase density by purchasing bonus FAR (Floor Area Ratio) further enhances its versatility. The property is also eligible for the Class L Property Tax Incentive, significantly reducing property taxes for qualifying redevelopment efforts.
Building Overview:
4-story structure, constructed in 1920.
Brick and veneer exterior
Heavy timber wood structure.
Ceiling Height: 1st FL- 17', 2nd-3rd FL - 13', 4th FL- 14'
Recent Updates:
Masonry tuckpointing.
New floor-to-ceiling windows.
New elevator.
New fire pump systems.
New electrical service.
Upgraded silver coating roof.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Building Size
32,000 SF
Building Class
B
Year Built
1915
Price
£2,551,221
Price Per SF
£80
Percent Leased
100%
Number of Floors
4
Typical Floor Size
8,000 SF
Building FAR
3.87
Land Acres
0.19 AC
Opportunity Zone
Yes
Zoning
DS-5 - Development Incentives: TIF and Streamlined TIF funds, Federal Historic Tax Credits,
Opportunity Zone, Class-L Rehabilitation, and Community Develo
D
Amenities
- Bus Route
- High Ceilings
1 of 1
Walk Score ®
Walker's Paradise (96)
Transit Score ®
Excellent Transit (81)
Bike Score ®
Very Bikeable (85)
PROPERTY TAXES
| Parcel Number | 17-27-102-002-0000 | Total Assessment | £702,763 (2024) |
| Land Assessment | £47,253 (2024) | Annual Taxes | -£1 (£0.00/sf) |
| Improvements Assessment | £655,511 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
17-27-102-002-0000
Land Assessment
£47,253 (2024)
Improvements Assessment
£655,511 (2024)
Total Assessment
£702,763 (2024)
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2023
-
Tuyen Nguyen, CCIM -
Chicago Real Estate Resources, Inc
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Motor Row Historic District For Sale | 2215 S Michigan Ave
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