2628 S State Street, Chicago, IL 60616

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2628 S State Street,Chicago, IL 60616
$1,455,000
  • - Acres
  • Lots / Land
  • Sold
Listed by: michael applegate, brittany jones
Office: straight-a realty, llc.
MLS#:12306369
Source:MLSNI

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Price summary

  • Price:$1,455,000

About this home

We are thrilled to present an exceptional investment opportunity in Chicago's dynamic Douglas neighborhood, just one block south of the South Loop. This expansive 21,300 sq. ft. corner lot with 163' of frontage on historic State Street is ideally positioned minutes from McCormick Place, Illinois Institute of Technology, and downtown Chicago. With immediate access to I-55, I-94, and Lake Shore Drive, this prime location offers unparalleled potential for development. Although Douglas has seen limited residential expansion, this site presents a rare chance to introduce luxury yet attainable housing in a high-demand market. Imagine 60 upscale apartments renting at $2,000 per month, generating an impressive $120,000 in monthly revenue. With an average cap rate of 7.68% in the 60616 zip code, this translates to a potential valuation of $18,750,000. Zoned C2-3, the property allows for a wide range of commercial uses, including retail, auto-related businesses, liquor stores, and warehouses,

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Home facts

  • Listing ID #:12306369
  • Added:297 day(s) ago
  • Updated:December 30, 2025 at 07:52 AM

Finances and disclosures

  • Price:$1,455,000
  • Tax amount:$18,919 (2023)
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