Commercial > Retail
Active
04/09/2024
List Price
$3,750,000$1,339/ft²
601 Wells St
Chicago, IL 60654
- -Bed
- -Bath
- 2,800ft²Living Area
- 2,750ft²Lot Size
- -Pool
- -Car
- 1888Year Built
- 64DOM
- 10Permits
601 Wells St, Chicago, IL 60654 is a 2,800 ft² commercial retail property property built in 1888 on a 0.063 acre lot with 10 construction permits. This commercial retail property is currently for sale for $3,750,000.
MLS Description
The listing agent's description. Original Listing
Excited to present a unique investment opportunity located at 601 N. Wells St., Chicago, IL 60654, in the heart of the River North neighborhood of Downtown Chicago. This prime real estate offering includes a retail property with 2,800 square feet of space, currently outfitted as a restaurant, and an advantageous billboard lease adding to its income potential.KW Commercial and Keller Williams ONEChicago are excited to present a unique investment opportunity located at 601 N. Wells St., Chicago, IL 60654, in the heart of the River North neighborhood of Downtown Chicago. This prime real estate offering includes a retail property with 2,800 square feet of space, currently outfitted as a restaurant, and an advantageous billboard lease adding to its income potential. The total land size of the property is 2,722 square feet, under Downtown Mixed-Use (DX-5) zoning, which accommodates a high-density mix of commercial, residential, and office spaces. This flexibility provides a wide array of redevelopment opportunities, making it an attractive proposition for investors looking to maximize the site's utility and revenue. Significantly enhancing this property's value is a billboard lease with an annual income of $89,165.72, which has 20 years remaining, expiring in 2046. The lease income is set to increase by 3.5% annually, offering a steady growth in revenue over time. This additional income stream contributes to the property's overall attractiveness and potential for high returns on investment. Previously operated as a Latin American, seafood, and Mexican restaurant, the retail space is well-suited for similar future uses. It suggests that the space is fully equipped for food service operations, potentially including a bar or lounge area. The existing kitchen, dining, and service areas are presumably in a condition that would support continued use without significant renovations if well maintained. The property's DX-5 zoning enables a multitude of redevelopment possibilities: Mixed-Use Development: Combining retail with residential or office spaces above to leverage the property's location and zoning for maximum income. Exclusive Restaurant/Bar: The space could continue serving as a premium dining venue or bar, drawing in clientele from River North and the broader Downtown Chicago area. Boutique Retail or Gallery Space: Aligning with the neighborhood's cultural scene, the space could be transformed into a boutique retail store or art gallery catering to River North's affluent demographics. River North is renowned for its dynamic art galleries, vibrant nightlife, and dining scene, making it a coveted location for any retail or mixed-use development. The neighborhood's affluence, high foot traffic, and excellent visibility and accessibility to locals and tourists alike underscore the strategic value of investing in 601 N. Wells St.
Listing Agents
The listing agent for 601 Wells St is Anthony Hardy.
AH
Anthony Hardy
Keller Williams ONEChicago
Phone: (312) 216-2422
Permits
601 Wells St has 10 permit records of total value of $934,200.
Permit History
10
Permits
$934,200
Total Permit Value
January 24, 2017
Description: Installation of low voltage burglar alarm interior work only # 4019-22907Job Value: $199Status: issuedType: Electric wiringBusiness Name: ADT LLCFees: $75Effective Date: 2017-01-24Permit Number: 100687293
December 19, 2016
Description: Revision to permit # 100634492 to change vent cont to emf mechanical servicesJob Value: $1Status: issuedType: Easy permit processBusiness Name: Aberdeen Construction CO INC; EMF Mechanical ServicesApplicant: Phil StefaniFees: $50Effective Date: 2016-12-19Permit Number: 100683793
March 31, 2016
Description: Dx-5 self cert - revision to permit #100603547 to include modifications to the build-out and addition of mezzanine level as per plans. Scope - 800 S.FJob Value: $50,000Status: issuedType: Renovation/alterationBusiness Name: Aberdeen Construction CO INC; Johnson Jeremiah; Universal Heating & CoolingApplicant: Phil StefaniFees: $825Effective Date: 2016-03-31Permit Number: 100634492
August 5, 2015
Description: Self-cert - renovation of an existing restaurant space for a new mercantile restaurant as per plans. Scope - 2712 S.F. Conditional permit subject to field inspectionJob Value: $110,000Status: issuedType: Renovation/alterationBusiness Name: Aberdeen Construction CO INC; Johnson Jeremiah; Universal Heating & CoolingApplicant: Phil StefaniFees: $746Effective Date: 2015-08-05Permit Number: 100603547
June 25, 2015
Description: Remove and replace existing wood flooring interior trim & millwork remove and replace 1, 000 S.F of drywall and replace interior doors. All work save as existingJob Value: $10,000Status: issuedType: Easy permit processBusiness Name: Aberdeen Construction CO INC; PCG Consulting INCApplicant: Adolfo GarciaFees: $200Effective Date: 2015-06-25Permit Number: 100601790
June 24, 2015
Description: Incidental electrical work reconfiguring several outlets throughoutJob Value: $1,000Status: issuedType: Electric wiringBusiness Name: Aberdeen Construction CO INCFees: $50Effective Date: 2015-06-24Permit Number: 100601472
April 17, 2014
Description: Revision to permit 100520642 to omit glass roof system and install standard roof and other revisions to floor plan layout including extending the east wall (rear addition) by approx 1 foot. Total area of revision approximately 2500 sq FTJob Value: $10,000Status: issuedType: Renovation/alterationBusiness Name: A Horn INC; Chicago Building Consulting SE; Dunne Corey; Franklin Park Plumbing &Applicant: Phil StefaniFees: $1,550Effective Date: 2014-04-17Permit Number: 100533748
March 24, 2014
Description: Interior and exterior alterations to 1 story restaurant building area of alteration 2025 sq. And addition to rear of building and new second floor total area of addition 2425 sq. For single tenant restaurant useJob Value: $750,000Status: issuedType: Renovation/alterationBusiness Name: A Horn INC; Chicago Building Consulting SE; Dunne Corey; Franklin Park Plumbing &Applicant: Phil StefaniFees: $2,343Effective Date: 2014-03-24Permit Number: 100520642
November 8, 2010
Description: Advertising signJob Value: $500Status: issuedType: SignsBusiness Name: Geneva Electric; North Shore OutdoorFees: $1,000Effective Date: 2010-11-08Permit Number: 100298402
January 28, 2009
Description: Remove - repair and reinstall 5 - 400 watt metal halide lights that illuminate the advertising sign on the roofJob Value: $2,500Status: issuedType: Electric wiringBusiness Name: Geneva ElectricFees: $50Effective Date: 2009-01-28Permit Number: 100274059
Current Ownership
Information about the current owner(s).
Taxes Billed
Taxes billed in 2021$40,238.25From latest Total Assessed Value20.11%Total Assessed Value$200,100=Land+
Assessed Value$137,500Additions
Assessed Value$62,600
In 2021, taxes billed for 601 Wells St were $40,238.25, which is 20.11% from latest Total Assessed Value of $200,100.
Property History
601 Wells St has undefined property events records (listings, deeds, permits, tax, foreclosure, loan).
Property Events
Environment
Environmental factors around 601 Wells St
Hazard Risks
Tornado206Wind153Hail142Particulates141Weather107Ozone106Air Pollution102Nat'l Avg100Carb Mono100Lead59Earthquake43Hurricane12
12 hazards (Carbon Monoxide, Earthquake Risk, Hail Index, Tornado Index, Hurricane Index, Air Pollution Index, Ozone Index, Wind Index, Weather Risk, Lead Index, Particulate Matter, National Average) are above the national average around 601 Wells St.
Walkability Index
19 /20
Most Walkable
20-18
Very Walkable
17-15
Somewhat Walkable
14-10
Car Dependent
9-0
601 Wells St has a walkability score of 19 out of 20, which means that it is in a most walkable area.
Temperature
Seasonal temperature sampled over multiple years
Winter
Average
Low
20°F
High
34°F
Summer
Average
Low
63°F
High
81°F
In the winter at 601 Wells St, temperatures range from 19.86°F to 33.94°F with an average of 26.9°F. In the summer, the temperature ranges from 62.53°F to 80.77°F with and average of 71.65°F.
School Information
Public/private schools serving 601 Wells St
Public Schools
Ogden Elementary School
Grades: KG-8
0.58 mi
D+
Wells Community Academy High School
Grades: 9-12
1.84 mi
F
* The school rating is based entirely on the test score performance of each school. It is based on a scale of A-F, A being best.
Nearby public schools serving 601 Wells St have ratings undefined, and undefined.
Neighborhood
This property is located in Near North Side, Chicago, IL 60654.
Seasonal Housing units 60654
27%of housing is for seasonal rent.
Daytime Population for 60654
+298%of people during work hours.
Boundary map of Near North Side.
Crime Index for 60654
167
167
The crime index in 60654 is 167, which is 1.7 times higher than national average.
Market Trends
Historical market data near 601 Wells St over selected time period.
Nearby Properties on Wells St
- 1440 N Wells St #Apt B, Chicago, IL 60610 (Old Town) is a 1,254 square foot, 3 bedroom, 1 bathroom, 0.02 acre property. It was built in 1996 and has an estimate of $728,641 with a price per ft² of $581.
- 1440 N Wells St #Apt I, Chicago, IL 60610 (Old Town) is a 2,206 square foot, 3 bedroom, 3 bathroom, 0.03 acre property. It was built in 1996 and has an estimate of $986,020 with a price per ft² of $447.
- 1750 N Wells St #Apt 103, Chicago, IL 60614 (Old Town) is a 700 square foot and 0.2 acre property. It was built in 1950 and has an estimate of $141,000 with a price per ft² of $201.
- 2003 S Wells St #Apt 1, Chicago, IL 60616 (Chinatown) is a 0.28 acre property. It was built in 2003 and has an estimate of $309,035.
- 2005 S Wells St #Apt 2, Chicago, IL 60616 (Chinatown) is a 0.28 acre property. It was built in 2003 and has an estimate of $309,385.
- 1515 N Wells St #Apt 3f, Chicago, IL 60610 (1515 North Wells Street Condominiums) is a 2 bedroom and 0.31 acre property. It was built in 1997 and has an estimate of $425,648.
- 1515 N Wells St #Apt 6c, Chicago, IL 60610 (1515 North Wells Street Condominiums) is a 1,000 square foot, 1 bedroom, 2 bathroom, 0.31 acre property. It was built in 1997 and has an estimate of $424,727 with a price per ft² of $425.
- 1515 N Wells St #Apt 8c, Chicago, IL 60610 (1515 North Wells Street Condominiums) is a 1,050 square foot, 1 bedroom, 2 bathroom, 0.31 acre property. It was built in 1997 and has an estimate of $427,635 with a price per ft² of $407.
- 501 N Wells St #Apt 1w, Chicago, IL 60654 (River North) is a 8,700 square foot and 0.21 acre property. It was built in 1901 and has an estimate of $427,361 with a price per ft² of $49.
- 3933 S Wells St #Apt 1, Chicago, IL 60609 (Fuller Park) is a 0.08 acre property. It was built in 2006 and has an estimate of $301,780.
- 3949 S Wells St, Chicago, IL 60609 (Fuller Park) is a 1,250 square foot, 3 bedroom, 1 bathroom, 0.07 acre property.
- 2836 S Wells St, Chicago, IL 60616 (Armour Square) is a 4,600 square foot, 12 bedroom, 4 bathroom, 0.08 acre property.
- 2844 S Wells St, Chicago, IL 60616 (Armour Square) is a 1,320 square foot, 4 bedroom, 1 bathroom, 0.09 acre property. It was built in 1885 and has an estimate of $877,904 with a price per ft² of $665.
- 1636 N Wells St #Apt 1101, Chicago, IL 60614 (Old Town) is a 7,900 square foot, 2 bedroom, 0.18 acre property. It was built in 1974 and has an estimate of $771,928 with a price per ft² of $98.
- 1636 N Wells St #Apt 1111, Chicago, IL 60614 (Old Town) is a 7,900 square foot, 1 bedroom, 0.18 acre property. It was built in 1974 and has an estimate of $246,795 with a price per ft² of $31.
- 1636 N Wells St #Apt 1114, Chicago, IL 60614 (Old Town) is a 7,900 square foot and 0.18 acre property. It was built in 1974 and has an estimate of $169,150 with a price per ft² of $21.
- 1636 N Wells St #Apt 1406, Chicago, IL 60614 (Old Town) is a 7,900 square foot, 1 bedroom, 0.18 acre property. It was built in 1974 and has an estimate of $240,000 with a price per ft² of $30.
- 1636 N Wells St #Apt 1606, Chicago, IL 60614 (Old Town) is a 7,900 square foot, 1 bedroom, 1.23 acre property. It was built in 1974 and has an estimate of $228,174 with a price per ft² of $29.
- 1636 N Wells St #Apt 1706, Chicago, IL 60614 (Old Town) is a 7,900 square foot and 0.18 acre property. It was built in 1974 and has an estimate of $229,404 with a price per ft² of $29.
- 1636 N Wells St #Apt 1801, Chicago, IL 60614 (Old Town) is a 7,900 square foot and 0.18 acre property. It was built in 1974 and has an estimate of $402,333 with a price per ft² of $51.
- 1636 N Wells St #Apt 1802, Chicago, IL 60614 (Old Town) is a 7,900 square foot and 0.18 acre property. It was built in 1974 and has an estimate of $170,919 with a price per ft² of $22.
- 1636 N Wells St #Apt 1809, Chicago, IL 60614 (Old Town) is a 750 square foot, 1 bedroom, 0.02 acre property. It was built in 1974 and has an estimate of $248,941 with a price per ft² of $332.
- 1636 N Wells St #Apt 1812, Chicago, IL 60614 (Old Town) is a 7,900 square foot and 0.18 acre property. It was built in 1974 and has an estimate of $170,919 with a price per ft² of $22.
- 1636 N Wells St #Apt 1903, Chicago, IL 60614 (Old Town) is a 7,900 square foot, 1 bedroom, 0.18 acre property. It was built in 1974 and has an estimate of $249,521 with a price per ft² of $32.
- 1636 N Wells St #Apt 1908, Chicago, IL 60614 (Old Town) is a 7,900 square foot, 1 bedroom, 0.18 acre property. It was built in 1974 and has an estimate of $227,000 with a price per ft² of $29.
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