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.
Property Details
Property Features
Listing Office:
Office Name: Straight-A Realty, LLC
Office Phone: (630) 288-2446
Listing Agent: Michael Applegate
Other
Directions Information:
Directions: State Street to 2628 South on State Street
Price Information
Listing Price Info
Price Summary:
List Price: $2,500,000
Tax Information:
Annual Amount: $7,696
Tax Year: 2019
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Housing Market Comparison
See how this home compares to others in Chicago, IL.
This property is $2.1M more than the Median Sold Price in Chicago, IL.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: MRED
MLS Number: #12091041
Listing Office:
Office Name: Straight-A Realty, LLC
Office Phone: (630) 288-2446
Listing Agent: Michael Applegate
Listings courtesy of Midwest Real Estate Data as distributed by MLS GRID.
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
5
/10
Univ of Chicago Charter-Donoghue
707 E 37th St
Distance between this listing and this school1.56 miles
Public Charter Grades PK-5
10
/10
Bronzeville Classical Elementary School
8 W Root St
Distance between this listing and this school1.76 miles
Public District Grades KG-4
4
/10
Cooper Elementary Academy
1624 W 19th St
Distance between this listing and this school2.22 miles
Public District Grades PK-5
Nearby Schools
4
/10
Drake Elementary School
2710 S Dearborn St
Distance between this listing and this school0.15 miles
Public District Grades PK-8
9
/10
J. Ward Elementary School
2701 S Shields Ave
Distance between this listing and this school0.44 miles
Public District Grades KG-8
6
/10
National Teachers Elementary Academy
55 W Cermak Rd
Distance between this listing and this school0.47 miles
Public District Grades PK-8
Nearby Schools
1
/10
Yccs- Mckinley-Lakeside Leadership Academy
2920 S Wabash Ave
Distance between this listing and this school0.27 miles
Public Charter Grades 9-12
1
/10
Dunbar Vocational Career Academy High School
3000 S King Dr
Distance between this listing and this school0.58 miles
Public District Grades 9-12
3
/10
Perspectives Charter - Joslin Campus
1930 S Archer Ave
Distance between this listing and this school0.77 miles
The neighbors living near this home have an average income of $54,969. Typical income of Chicago, IL residents is between $35k-100k annually. Residents typically live in single, no kids family. The most common level of education of people living in this area is post secondary degree.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 2628 S State St
What is the listing price of this property?
The listing price of 2628 S State St property is $2,500,000.
What type of property is this?
The property 2628 S State St is land located in Chicago, Illinois, 60616.
Is this property for sale now?
Active Listing: 2628 S State St is For Sale (Active/New) which means the seller is accepting offers.
What is the annual property tax for this property?
According to the records, the last property tax for 2019 is $7,696 (source: MLS/based on county public records data).
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This home is located at 2628 S State St in Chicago, IL and zip code 60616 in the South Side neighborhood. It has been listed on Rocket Homes since June 22, 2024 and is currently priced at $2,500,000.
Over 539 listings were sold over their listed price in October 2024 in Chicago, IL. In the same period over 919 listings were sold below the listed price and 337 listings were sold for the listed price. The number of homes for sale in Chicago, IL increased by 14.5% between September 2024 and October 2024. Listings spent 32 days on the market in October 2024, and had a median list price of $360,336 during the same period.
From Rocket Homes Real Estate and based on county public records data.
Listings courtesy of Midwest Real Estate Data as distributed by MLS GRID.
Copyright © 2024 Midwest Real Estate Data LLC (MRED). All rights reserved. 
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