LOT SIZE 0.540 acres
MLS#12338751
STATUSActive
PROPERTY TYPELand - Commercial
SCHOOLDistrict 1
Property Description
PRICE REDUCED! SVN CHICAGO COMMERCIAL is pleased to offer for sale a renowned 18,000 SF hospitality venue in Chicago's dynamic Fulton Market neighborhood. Specializing in live music with a full-service commercial kitchen, large bar/ restaurant space and a 2nd floor catering facility with a large outdoor deck and parking for 25 cars, the property, located at 1375 W Lake Street, has been the longtime home of Bottom Lounge. In addition to the opportunity to own and operate the existing facility, this +/- 23,000 SF land site is also prime for redevelopment into a mid or hi-rise residential or mixed-use property. It's currently zoned C1-3 but sits in the Downtown Expansion-West area as well as being in a TOD (Transit Oriented Development) zone, both of which allow for increases in density and parking relief for vertical multi-family development. The property is positioned in the midst of many recent and soon-to-come high-rise residential, mixed-use, office, lifescience, hotel, etc., properties and is suitable for many different types of re-development. The current ownership is in a position to afford a developer some time for re-zoning the property to suit their needs. Additionally, the business (Bottom Lounge), will continue to operate for a period of time and is open to entertaining a short-term sale-leaseback. This is a rare opportunity to acquire a large development site in one of the most sought-after sub-markets in the entire country.
Property Features
Property Type: Land - Commercial
Lot Size: 0.54 Acres
Feature Descriptions
Current Use: Commercial
Frontage: 124
Frontage Type: City Street
Lot Dimensions: 124x188
Parcel#: 17083240030000
Road Surface: Asphalt
Township: West Chicago
Utilities: Electric to Site, Natural Gas Available, Sewer Connected, Water Available
Local Schools
School District: District 1
Listed By / Shown By
Listed By
Agency Name: Sperry Van Ness
Agency Phone: 312-676-1866
Shown By
Agency Title: Berkshire Hathaway HomeServices Crosby Starck Real Estate
Agency Phone: 815-397-4040
Estimate Your Payment
Estimated Payment
$ 17,494.77 per month $15,467.69 Principal & Interest $0.00 Property Tax (data not provided by mls) $2,027.08 Homeowner's InsuranceChange Payment Information
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1375 W Lake Street | MLS# 12338751
This land located at 1375 W Lake Street, Chicago, IL 60607 is currently listed for sale with an asking price of $6,950,000. The property has approximately 0.54 Acres. W Lake Street is located within the District 1 school district. Search Chicago real estate on www.bhhscrosby.com today.