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22 E Elm St
Chicago, IL 60611
Retail Property For Sale
INVESTMENT HIGHLIGHTS
- Prime Gold Coast location near Rush Street and the Magnificent Mile
- Leased to House 22, a luxury salon and med spa
- Ideal for boutique hotel or restaurant conversion
- Zoned DX-3 with flexible commercial use potential
- Full-floor luxury residence with private outdoor space
- Surrounded by high-end retail, hotels, and residential density
EXECUTIVE SUMMARY
A rare opportunity in the heart of Chicago's prestigious Gold Coast. 22 E Elm is a boutique mixed-use property ideally positioned on one of the neighborhood's most recognized residential and retail corridors-steps from Lake Shore Drive, Rush Street, and the Magnificent Mile. This location ensures consistent demand from both commercial and residential tenants seeking walkability, visibility, and proximity to affluent clientele. Set on a 2,300 SF lot and comprising approximately 5,800 SF, the building is zoned DX-3, offering versatility for a range of commercial uses including office, retail, wellness/medical, salon/spa, childcare, gallery, or professional practice. The first two floors are leased to House 22, a well-established luxury salon and med spa, providing immediate income stability and strong brand presence at the street level. The top floor offers a full-floor, 4-bedroom, 3-bath luxury residence with over 750 SF of private outdoor space-currently positioned as a premium rental. This allows an investor the flexibility to continue generating income, offer corporate housing, or convert to an owner-use residence. Surrounded by dense luxury residential, boutique retail, five-star hotels, and nationally recognized dining, the Gold Coast remains a supply-constrained submarket with historically steady occupancy and long-term value retention. The property also benefits from seamless connectivity to the Magnificent Mile, Streeterville, River North, and The Loop-making it an attractive base for both commercial operations and high-end tenancy. This 3-story building is the ideal space for a premier restaurant or boutique hotel operator. The two expansive lower levels are well-suited for restaurant, entertainment, or event space, plus a private rooftop penthouse with panoramic views. Perfect for a hospitality group seeking to establish a landmark destination, the property's flexible layout and high-end potential make it ideal for concepts similar to Lettuce Entertain You, Boka Group, or Tao Hospitality. A rare investment opportunity in the heart of Chicago's prestigious Gold Coast. 22 E Elm is a boutique mixed-use property ideally positioned on one of the neighborhood's most recognized residential and retail corridors-steps from Lake Shore Drive, Rush Street, and the Magnificent Mile. This location ensures consistent demand from both commercial and residential tenants seeking walkability, visibility, and proximity to affluent clientele.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
5,800 SF
Building Class
C
Year Built
1896
Price
$10,933,482 CAD
Price Per SF
$1,885.08 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
2.22
Lot Size
0.06 AC
Zoning
DX3 - Downtown Mixed-Use District
Parking
5 Spaces (0.86 Spaces per 1,000 SF Leased)
Frontage
1 of 70
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