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1739 N Milwaukee Avenue, Chicago, IL

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1739 N Milwaukee Avenue

Chicago, IL 60647-5423 - Northwest City Submarket

(3.1 MB)

Property Type:Retail Sub Type:Storefront Retail/Office Status:Existing , Renov March 2015 Year Built:1940
Building Size:26,400 SF Land Area:.2 AC (8,799 SF)
For Sale Price:$6,500,000 Price/SF:$246.21
Cap Rate:7.82 %

The property is located along the east side of Milwaukee Avenue in the trendy Bucktown neighborhood in close proximity to a multitude of commercial users including restaurants, bars, and various storefronts. The building has been redeveloped up to the framework consisting of 10 units (8 residential and 2 commercial storefronts)

This property presents an incredible opportunity to develop as condos or rentals, along with first floor commercial units. Unlike the majority of Chicago neighborhoods, the Bucktown/Wicker Park area is seeing plenty of new residential and multifamily construction. Parking available on-site with an above ground garage and underground parking. Property is bank owned.

The property is located mid block along the east side of N. Milwaukee Avenue, The well known "Six Corners" intersection of North/Milwaukee/Damen is within waling distance, approximately two blocks to the southeast. There are a multitude of commercial users within walking distance, including Aldi, which is adjacent to the property. The CTA "Blue" line is accessible two blocks to the south.

Sale Notes:
Interra Realty is the exclusive broker for the sale of 1739 N. Milwaukee, a 10-unit elevator apartment building, in the bustling Bucktown neighborhood of Chicago. This
building went thru a high-end gut rehab in 2015. PLEASE NOTE: This deal is being sold as a ground lease of which there is $90,000 annual payment due to the current owner for 99 years. The Owner will also consider a fee simple offer.

The unit mix consists of a 3000 sf street level commercial space, a bi-level 3536 sf commercial space, one (1) 2Bdr/2Ba, two (2) 3Bdr/2Ba, and five (5) 4Bdr/3Ba
apartments with spacious layouts The units are condo quality and have gourmet kitchens with new cabinets, quartz counter-tops, a stainless steel appliance package,and separate cooktops and ovens. The units also feature new baths, jacuzzi tubs, spacious bedrooms with good closet space, and in-unit washers dryers. All units have individual gas furnaces, central A/C, separate hot water heaters, and individual laundry.

Capital improvements to the building include: new electric, plumbing, windows, and porches. Also, there are 8 parking spaces in an underground garage and 2 additional spaces that generate additional income.

Interra Realty
Brian DiBasilio
(312) 477-0196

Brad Feldman
(312) 477-0195

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