457 N. Leavitt | Kinzie Corridor | Value-Add Opportunity

457 N. Leavitt Chicago, IL 60612

457 N. Leavitt, Chicago, IL, 60612
457 N. Leavitt, Chicago, IL, 60612
FOR SALE
Property Type:
Industrial
Amount:
$3,695,000
Last Verified:
2020-06-12 18:55:27 UTC

Highlights

  • 40,488 SF Building
  • 1.06 Acre Lot
  • 22,998 SF Parking Lot
  • 2-Story Brick Construction
  • 16' Ceilings, Sprinkled
  • Easy Transportation Access to Metra, El, Bus, and Highway
  • Zoned PMD No. 4 (A)
  • Kinzie Industrial Corridor TIF and Enterprise Zone 4
  • 2018 Taxes $0.71/PSF
  • New Damen Green Line Stop 1/2 Mile Away
  • Rising Rents to the East Increasing Tenant Demand
  • Limited Supply of Redevelopment Opportunities

Description

SVN Chicago Commercial, as exclusive listing broker, is pleased to present 457 N. Leavitt, a redevelopment opportunity in the heart of the Kinzie Corridor just west of Chicago's vibrant West Loop and Fulton Market neighborhoods. The subject building spans 40,488 SF in a 2-story brick building. It sits on a total of 1.06 acres including a 23,000 SF surface lot, a coveted amenity in this sub-market. The property is zoned PMD 4 (A) and is in Chicago's 27th Ward (Burnett). Its location provides excellent access to transportation being 2 blocks from Western Avenue, one of Chicago’s busiest thoroughfares, and within a half-mile of the new CTA Damen Green Line stop (under construction), the Western Avenue Metra stop, and multiple bus lines. The trendy West Loop and Fulton Market neighborhoods are within approximately 1 mile, as well as Interstate 290, providing easy access to downtown and the Region.

The building has 16’ ceilings and is sprinkled. It includes 1 freight elevator, 2 depressed docks, 2 ground level roll-up doors and 6 dock high doors with the ability to increase that amount. A small amount of office space exists on the 2nd floor. The property is part of the Kinzie Industrial Corridor TIF (Tax Increment Financing) District along with Enterprise Zone number 4.

Kinzie Industrial Corridor, Chicago, IL


Year Built: 1895
Building Size: 40488.0sq ft
Building Class: C
Lot Size: 1.06 acres

Map of 457 N. Leavitt, Chicago, IL, 60612

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.