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
What can I afford?
Understand what home price range makes sense for your budget.
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.
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.
The data relating to real estate for sale on this website comes in part from the Broker Reciprocity program of Midwest Real Estate Data LLC. Real Estate listings held by brokerage firms other than the broker/agent who owns the website are marked with the MRED Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (the MRED logo) and detailed information about them includes the names of the listing brokers.
All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED 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. IDX information is provided exclusively for consumers’ personal non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed by MTP or MRED. The use of the MRED Data may be subject to an end user license agreement prescribed by the Member Participant’s applicable MLS if any and as amended from time to time.
Some properties which appear for sale on this website may subsequently have sold and may no longer be available. Information Deemed Reliable but Not Guaranteed. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available. The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.
DIGITAL MILLENNIUM COPYRIGHT ACT (DMCA) NOTICE The Digital Millennium Copyright Act of 1998, 17 U.S.C. § 512 (the "DMCA") provides recourse for copyright owners who believe that material appearing on the Internet infringes their rights under U.S. copyright law. If you believe in good faith that any content or material made available in connection with our website or services infringes your copyright, you (or your agent) may send us a notice requesting that the content or material be removed, or access to it blocked. Notices must be sent in writing by email to DMCAnotice@theMLSGRID.co
The DMCA requires that your notice of alleged copyright infringement include the following information: (1) description of the copyrighted work that is the subject of claimed infringement; (2) description of the alleged infringing content and information sufficient to permit us to locate the content; (3) contact information for you, including your address, telephone number and email address; (4) a statement by you that you have a good faith belief that the content in the manner complained of is not authorized by the copyright owner, or its agent, or by the operation of any law; (5) a statement by you, signed under penalty of perjury, that the information in the notification is accurate and that you have the authority to enforce the copyrights that are claimed to be infringed; and (6) a physical or electronic signature of the copyright owner or a person authorized to act on the copyright owner’s behalf. Failure to include all of the above information may result in the delay of the processing of your complaint.
Calculate your estimated monthly expenses for this listing. Play with the values below to better understand your monthly payment and utilities.
$12.5K
Per Month
Principal & Interest
$12.4K
Home PriceThe dollar amount you pay for the home.
$
Interest RateMortgage interest rates fluctuate, but they're typically in the 5% to 9% range. Your rate will be calculated based on personal details including your credit score.
%
Down PaymentThe initial money paid at closing that is usually a percentage of the purchase price. Most loans require at least 3% down, but a 0% down payment may be possible if you're eligible for a VA or USDA loan.
$%
Loan TermThis is how long you'll pay on the loan. A longer term gives you smaller payments, while a shorter term saves you money on interest.
Property Taxes
$0
Property Taxes -Annual CostEvery homeowner pays taxes to their local government based on their home's value and the property tax rates for the county or city. Most areas charge property taxes semiannually.
$/ Year
Mortgage Insurance
$0
Mortgage Insurance -Monthly PremiumMortgage insurance helps secure a mortgage with a lower down payment. It typically costs 0.1% - 2% of your loan amount per year.
$/ Month
Homeowners Insurance
$67
Homeowners Insurance -Monthly PremiumMost homeowners pay about $1,000 a year for homeowners insurance, but the cost varies based on your location, home and coverage.
$/ Month
Homeowners Association (HOA)
$0
Homeowners Association -Monthly FeesHomeowners Association (HOA) fees can range from $30 per month to $500+ per month. Be sure to ask your agent about HOA fees on a home as it can impact your affordability or check the online home listing.
$/ Month
Utilities
$0
Utilities - Monthly CostYou'll need to budget for utilities as a homeowner, which typically includes water and sewer, gas and electric, internet and cable. Cost will depend on your location and the size of your home. On a monthly basis, Americans pay $239 - $442 per month.
$/ Month
Recommended Financing
30-Year Fixed
Rate/APR
7.5% / 6.68%
Total Monthly Payment
$7,562
Powered By
Advertisement
NMLS#3030
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. Typical family type is single, no kids. 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).
By checking this box and submitting your personal information, you agree to our Terms of Use and Privacy Policy. You also expressly consent to having Rocket Homes Real Estate LLC, its Family of Companies, Rocket Homes Network Partners, and potentially our mortgage partners contact you about your inquiry by text message or phone (including automatic telephone dialing system, AI voice, or an artificial or prerecorded voice) to the residential or cellular telephone number you have provided, even if that telephone number is on a corporate, state, or national Do Not Call Registry. You do not have to agree to receive such calls or messages as a condition of getting any services from Rocket Homes Real Estate, LLC or its partners. By communicating with us by phone, you consent to calls being recorded and monitored. You also agree that we can share your personal data and contact information with third parties such as mortgage partners, partner companies, and affiliates, and that these parties may use your personal data and contact information for marketing and analytic purposes, and to improve your experience.
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.
In November 2024, from all listings sold in Chicago, IL there were more than 521 sold above asking price, over 845 sold below and more than 254 were sold right at the asked price. The number of listings in Chicago, IL increased by 2.1% between October 2024 and November 2024. The median list price of listings available in November 2024 was $363,936, while the average time on the real estate market was 33 days.
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. 
Men's Tennis
Men's Tennis
Hiking/backpacking
Nordstrom Rack
Crate & Barrel
Bloomingdales
The Cheesecake Factory
Starbucks
Boston Market
Volvo
BMW
Audi
News
Alternative