Household Bank 555 Burnham Ave

Lagestee Mulder is pleased to offer for sale the two-story office property at 555 Burnham Avenue in Calumet City. The now vacant asset, formerly a BMO Harris Bank facility, has tremendous potential for an owner user, a value-add office investor, or as a redevelopment site. The parcels comprising the property total 1.79 acres and are zoned B: Commercial Business District, which permits a wide range of uses including office, business and professional, medical clinics, retail and service uses.
The two-story building contains 26,510 rentable square feet and has an improved basement area as well as three exterior drive through lanes. The offering includes two parking lots that can accommodate up to 118 vehicles: One lot is adjacent to the building with 46 spaces; and a second lot is across the street and offers parking for another 72 cars. The ground floor was previously the bank’s retail branch and administrative office space is located on the second floor. The lower level is unfinished.
Several economic incentives are associated with the property. The property is in an Enterprise zone (The Calumet Region Enterprise Zone), which provides fee waivers on renovation work. In addition, the property is eligible for a Class 8 incentive, which substantially reduces the real estate tax assessment. The property is also in an Opportunity Zone, which allows for capital gain tax deferrals in certain circumstances.
All Offers Considered.