56,605 SF Building | Chicago, IL | Former Senior Housing Facility

Highlights:

• Prime Chicago Location: Positioned along Michigan Avenue within a growing corridor, offering strong access to major demand drivers and connectivity.
• Flexible Repositioning: ±56,605 SF former senior housing facility with conversion potential to multifamily (48–56 units), medical office, or continued senior living.
• Recent Capital Improvements: Upgrades include newer roof, windows, elevators (2023), tuckpointing, and mechanical systems—limiting near-term capex.
• Strong Building Infrastructure: Robust systems including boilers, updated electrical, fire protection, and quality interior buildout.
• Gated Parking Amenity: 40-space secured, newly paved parking lot enhances usability for residential or medical users.
• Nearby Transformational Development: Proximity to the $3.8B former Michael Reese Hospital redevelopment supports long-term growth.
• Below Replacement Cost Basis: Attractive entry point with significant value-add and redevelopment upside.

Description:

SVN and RI Marketplace are pleased to present the opportunity to acquire 5001 S Michigan Avenue, a ±56,605-square-foot, vacant former senior living facility located in Chicago, Illinois (the “Property”).

Constructed in 1976, the Property spans five levels and sits on approximately 0.74 acres, featuring a strong physical plant with extensive recent capital improvements, including upgraded mechanical systems, modernized elevators, newer windows, and a well-maintained roof. The building also benefits from a gated, 40-space parking lot, enhancing its appeal for a variety of end users.

The Property is ideally positioned for repositioning, offering flexibility for multifamily redevelopment (estimated 48–56 units), medical office conversion, or continued senior housing use. Its layout, infrastructure, and scale provide a clear path to execute a value-add business plan.

Strategically located along a key Chicago corridor, the asset is surrounded by ongoing public and private investment, including the transformative redevelopment of the former Michael Reese Hospital site. This large-scale project is expected to bring significant new residential, office, life sciences, and retail components to the area, further supporting long-term demand and value appreciation.

Offered vacant and below replacement cost, 5001 S Michigan Avenue presents a compelling opportunity for investors and developers to acquire a well-located asset with strong fundamentals and multiple avenues for upside.