2712-2714 W North Ave - Storefront Retail/Residential FOR SALE


Chicago, IL 60647- Logan Square
$1,600,000 USD
312-275-3113
2712-2714 W North Ave, Chicago, IL for Sale
$1,600,000 USD
Storefront Retail/Residential - FOR SALE
1/1
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2712-2714 W North Ave
Chicago, IL 60647
Logan Square


HIGHLIGHTS

  • 83% occupied mixed-use building with significant value-add potential
  • Brand new 5-year lease signed for the recently gut renovated, clear span, single story commercial space at 2714 W. North Avenue
  • In-place B3-2 zoning allows for the conversion of comm. spaces to add'l ground floor dwelling units with the procurement of a special use permit
  • Current apartment rents are below market
  • North Avenue location in E. Humboldt Park is in the path of progress and conveniently accessible via public transit

OVERVIEW

Baum Realty Group, LLC has been exclusively retained to offer for sale 2712-2714 W. North Avenue, a part three-story, part one-story mixed-use building in Chicago’s east Humboldt Park neighborhood. Sitting on 6,000 SF of land, the building currently contains four (4) upper floor residential units, all with 2 beds / 1 bath, along with three (3) ground floor commercial units. The western commercial unit at 2714 W. North Avenue contains roughly 3225 SF of newly improved, clear span / column-free space, and was recently leased to MODO Grappling Academy for a new, 5-year lease term. The eastern portion of the ground level is divided into front (1434 SF) and rear (992 SF) commercial spaces, each with dedicated entrances, practical layouts and distributed plumbing. The rear unit is currently leased to a ceramist and the front unit is currently vacant, offering investors the opportunity to add value by leasing it as-is, or converting the unit to residential with the procurement of a special use permit as permitted under the property's B3-2 zoning designation. Additional value creation is possible by increasing rents for the apartments upstairs to fair market rates. The Property is located on North Avenue less than two blocks east of Humboldt Park is situated in the city’s 26th ward (Ald. Jesse Fuentes) bordering the Wicker Park/Bucktown neighborhood to the east and the Logan Square neighborhood to the north. The building is easily accessible by public transit, with a stop for the CTA 72 North Avenue bus route located steps from the front of the building. The CTA Blue Line Western and Damen stations are both is located approximately 0.8 miles away. I-90/94 is located roughly 1.5 miles due east of the property

FOR SALE DETAILS

PRICE

$1,600,000 USD

PRICE/SF

$186 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1916

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.14 AC

LAND SF

6,075 SF

ZONING

B3-2

APN/PARCEL ID

13-36-426-037-0000

ASK ABOUT THIS PROPERTY

Ari TopperBaum Realty Group, LLCMore Info
312-275-3113

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Ari TopperBaum Realty Group, LLCMore Info
312-275-3113

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.