Kiser Group’s Birk | Sklar Team has successfully sold 701 S State, a mixed-use building located in Chicago’s Loop, for $6 million. The seller, Nicholas Vranas had owned the property for more than 40 years before selling it to a local investor. According to Sklar “This asset was incredibly unique as one of only few legacy properties with a 4am liquor license which was transferred upon sale. The buyer is also an experienced restaurant operator who saw potential in the location and ability to stay open late due to its transferable liquor license.”
The property includes 36 gut-renovated studio apartments all currently occupied as well as bar space on the first floor. Additionally it features newer roofing, updated copper plumbing and electric wiring throughout plus updated steel porches and windows too.
Situated in prime location surrounded by new construction on all sides adjacent two Red Line El stops this asset is also conveniently located near local schools & college campuses making it an ideal investment opportunity!
Kiser Group’s Birk | Sklar team have finalized another successful sale of Loop Mixed-Use with 4am Liquor License proving their expertise once again!
