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$ 2,300,000
Est. payment /mo
Active
7621 S Cottage Grove AVE Chicago, IL 60619
18,000 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Bus / Bus w/Real Est
Listing Status Active
Purchase Type For Sale
Square Footage 18,000 sqft
Price per Sqft $127
MLS Listing ID 12548055
Annual Tax Amount $147,222
Tax Year 2024
Lot Dimensions 108x124
Property Sub-Type Bus / Bus w/Real Est
Property Description
3-Story California-style exterior corridor motel offering 34-rooms, built in 1974, with separate restaurant building positioned at the front of the property, main-level parking, total land area 13,392 Sq. ft. total building 18,000 Sq. ft. located in the well-established Chatham neighborhood on Chicago's South Side, offering a compelling rehab, redevelopment and potential revenue-generating. Non-franchise motel license". Significant value-add, the City of Chicago does not issue new non-franchise motel licenses. Walking distance to retail, services, and neighborhood amenities. Strong traffic counts. Approximately 1-mile east of the Dan Ryan Expressway, and about 3 miles from the Obama Presidential Library. Situated within the Greater Chatham Initiative - 87th Street Corridor Improvement Zone. City of Chicago support through Grants & TIF funding. Eligible for facade improvements and full building renovation grants. Property qualifies for significant public incentives, with potential of reducing capital outlay and increasing ROI. Below link provides information about the City of Chicago website offering grants.
Location
State IL
County Cook
Area Chi - Greater Grand Crossing
Interior
Cooling Central Air
Fireplace N
Building
Dwelling Type Bus / Bus w/Real Est
Structure Type Brick,Concrete
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Listed by Mark Ahmad of Century 21 Circle