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2244 S Michigan Ave
4,125 SF Retail Building Chicago, IL 60616 £1,177,486 (£285/SF) 8.13% Net Initial Yield
Investment Highlights
- 2244 S Michigan Avenue offers the opportunity to own a single-story, 4,125-square-foot storefront property, built-out as a bar/restaurant.
- Property is fully occupied by Bar22, a popular bar and restaurant along S Michigan Avenue.
- Situated in a heavily trafficked urban corridor designated as a Qualified Opportunity Zone.
- Features a brand-new build-out, a new roof, interior, fixtures, mechanicals, plumbing, electrical, and a roughly 400-square-foot mezzanine.
- Located in Chicago's South Loop along the historic Motor Row near the McCormick Place-West Building and Cermak-McCormick Place L train station.
- Easily accessible via Interstate 90/94/Dan Ryan Expressway, Interstate 55, and Highway 41.
Executive Summary
South Loop's refreshing blend of business and pleasure attracts a wide range of tenants who love to stay active and participate in a fast-paced, modern environment. Located just south of central downtown, South Loop encapsulates most of the Grant Park area and borders the shores of Lake Michigan. Many locals walk to work, and the exceptional access to public transportation makes it easy to get anywhere in the city. 2244 S Michigan Avenue is central to McCormick Place's burgeoning entertainment district, filled with a diverse population of students, musicians, politicians, artists, and professionals, contributing to the area's strong labor pool, thriving consumer base, and growing community.
2244 S Michigan Avenue is primed to offer an ideal investment opportunity in the thriving South Chicago area.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Financial Summary (Pro forma - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Amenities
- Signage
About 2244 S Michigan Ave , Chicago, IL 60616
Located in a Qualified Opportunity Zone. At the heart of the New Motor Row entertainment district, this standalone building has been fully built-out as a bar/restaurant called Bar22. 2244 S Michigan Avenue features a newer roof, all new interiors and fixtures, and brand-new build-out.
MAJOR TENANTS Click Here to Access
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease End
- Bar 22
- -
-
99,999 SF
- -
-
Jan 0000
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease End | ||
| Bar 22 | - | 99,999 SF | - | Jan 0000 |
About South Chicago
Buttressed between various passenger and freight transmodal nodes, South Chicago is well situated for residents to get to their places of employment throughout the metropolitan area. Opportunities for recreation abound here, too, with the South Shore Cultural Center, Harborside International Golf Center, and the Museum of Science and Industry all within its confines. For a true getaway, residents are near Chicago’s Midway Airport to the northeast.
In addition to area employment that supports Midway Airport, South Chicago is home to businesses that capitalize on the numerous distribution points, access to fresh water for manufacturing and data hosting processes, and a congregation of warehouse and distribution centers. Local employers include automobile manufacturer Ford Motor Company (4,700 employees), digital infrastructure provider Equinix (2,800 employees) and charter bus company Ram Transportation Services (2,200 employees.)
The Chicago Metropolitan Agency for Planning (CMAP) has earmarked almost $1 billion for transportation improvements and extensions within Southwest Cook County, in addition to tax incentives to attract more employers and residents to the area.
DEMOGRAPHICS
Demographics
Nearby Amenities
Restaurants |
|||
|---|---|---|---|
| Jerk Villa | Seafood | £££ | 2 min walk |
| Chicago Grill House | American | £ | 3 min walk |
| Gourmet Chicken | American | £££ | 3 min walk |
| Chef Luciano | Chicken | ££ | 3 min walk |
| Happy Chinese Restaurant | Chinese | £ | 3 min walk |
| Fleetwood Restaurant | American | ££ | 3 min walk |
| Windy City Whiskey & Ribs | American | £££ | 3 min walk |
| Pizzeria Brandi | Pizza | ££ | 3 min walk |
| Asian Cajun | Asian | ££ | 6 min walk |
| Pizano's | Italian | ££ | 5 min walk |
Retail |
||
|---|---|---|
| The Bar Method | Fitness | 3 min walk |
| Orangetheory Fitness | Fitness | 4 min walk |
| Great Clips | Salon/Barber/Spa | 8 min walk |
| FedEx Office | Business/Copy/Postal Services | 9 min walk |
| Anytime Fitness | Fitness | 8 min walk |
| Chase Bank | Bank | 10 min walk |
| Jazzercise | Fitness | 10 min walk |
| State Farm | Insurance | 11 min walk |
Hotels |
|
|---|---|
| Hilton Garden Inn |
184 rooms
3 min walk
|
| Hampton by Hilton |
187 rooms
3 min walk
|
PROPERTY TAXES
| Parcel Number | 17-27-101-024-0000 | Total Assessment | £138,519 |
| Land Assessment | £59,596 | Annual Taxes | -£1 (£0.00/sf) |
| Improvements Assessment | £78,923 | Tax Year | 2023 |
PROPERTY TAXES
About the Seller
Sale Advisors
Sale Advisors
Milan Rubenstein, Chief Executive Officer, Licensed Broker
-
Milan Rubenstein -
Jeremy Wallace - Windy City RE
Presented by
Windy City RE
2244 S Michigan Ave
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