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1538 N Western Avenue, Chicago, IL

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1538 N Western Avenue

Chicago, IL 60622-1746 - Northwest City Submarket

Property Type:Retail Sub Type:Storefront Retail/Residential Status:Existing Year Built:1911
Building Size:3,270 SF Land Area:.06 AC (2,727 SF)
For Sale Price:$749,000 Price/SF:$229.05
Cap Rate:-
Portfolio:This property is for sale (for $749,000) as part of a portfolio of 2 properties. Parking:2 Covered spaces are available; Ratio of .61/1,000 SF

Sale Notes:
– Excellent investment opportunity in high visibility location on Western just south of North Avenue.

– Three-story brick building built in 1911.

– New HVAC, plumbing, electrical, windows, kitchens and bathrooms completed in 2012.

– First floor includes live/work space and commercial storefront (front tenant will either leaseback from new owner for $1,500/month for up to 1 year or vacate upon sale, depending on buyer’s preference).

– Second floor includes 2-bedroom / 1-bathroom rental unit ($1,590 monthly rent / lease expiring April 2017).

– Third floor includes 2-bedroom / 1-bathroom rental unit ($1,720 monthly rent / lease expiring August 2016).

– Exterior signage/advertisement on side of building currently in third year of five-year lease ($225 monthly rent for years 1-3 / 30% of sign revenue for years 4-5 / can be canceled by landlord upon sale of building if desired).

– Two-car garage in rear of property currently owner-occupied (additional rental income potential exists if garage were to be rented to apartment tenants).

– Great West Bucktown location just 2.5 blocks from The 606 / Bloomingdale Trail and steps away from North Avenue dining and nightlife options.


Miller Chicago
Andrea Miller
(312) 513-8333

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