CRER is pleased to present the opportunity to acquire two adjacent parcels totaling approximately 34,000 SF at 1575-85 Ellinwood St in downtown Des Plaines. Ideally located and zoned, the property provides investors with a variety of “within right” redevelopment scenarios. Situated just one block from the Metra Union Pacific NW Line, with 225 feet of frontage on Ellinwood and within the Central Business District, the ¾ acre site has been shown to accommodate up to 114 multifamily units.
The site is currently occupied by a defunct restaurant and a two-story office building. The office building generates approximately $50,000 in annual net income and all leases contain 60-day termination clauses upon a sale of the property. The city of Des Plaines is eager to see the site redeveloped as part of their ongoing commitment to advance downtown Des Plaines as the cultural and business core of the city. The property further benefits from its proximity to the Chicago Bears proposed multi-use and entertainment district mega development in Arlington Heights. Located just eight miles and three Metra stops from the subject property, the proposed development will be anchored by an indoor stadium that will spur year-round economic activity and serve as a destination for neighbors and visitors alike.