3751-3759 N Western Ave - Storefront Retail/Residential FOR SALE


Chicago, IL 60618- North Center
$4,600,000 USD
312-275-3113
3751-3759 N Western Ave, Chicago, IL for Sale
$4,600,000 USD
Storefront Retail/Residential - FOR SALE
1/21
null | Request Cap Rate

NEW


3751-3759 N Western Ave
Chicago, IL 60618
North Center


HIGHLIGHTS

  • Rare infill site offering immediate income and long-term growth
  • In-place rents offset carry costs during construction; Room to increase rents on a handful of existing units
  • Existing mixed-use building was fully gut rehabbed in 2018 with minimal deferred maintenance or capex required
  • B3-3 zoning allows for up to 22 additional dwelling units as-of-right with no parking
  • Core location in strong rental submarket, located one block from Bell Elementary, a desirable and highly rated K-8 CPS school
  • Conveniently accessible with CTA bus stop located in front of the building and I-90/94 located 1.5 miles away

OVERVIEW

Baum Realty Group, LLC has been exclusively retained to offer for sale 3751-3759 N. Western Avenue, a part three-story, part one-story mixed-use building at the southeast corner of Western & Grace in Chicago’s North Center neighborhood. Sitting on 9,633 SF of land, the building contains a total of fourteen (14) units, with ten (10) fully leased, modern residential units and four (4) commercial units. The residential unit mix consists of two (2) 1 bed/1 bath apartments, six (6) 2 bed / 2 bath apartments, and (2) 3 bed / 3 bath apartments. The existing building was fully gut rehabbed in 2018 with a new roof, electrical service, plumbing, windows, masonry / tuckpointing and more. In addition to the stabilized income from the existing three-story building, the Property offers a rare and attractive opportunity to construct up to an additional 22 dwelling units AS-OF-RIGHT where the single-story portion of the building sits. Such a development is permissible without any parking requirement (100% reduction), ensuring a smooth and easy zoning path to getting a shovel in the ground.

FOR SALE DETAILS

PRICE

$4,600,000 USD

PRICE/SF

$288 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1931

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.23 AC

LAND SF

10,019 SF

ZONING

B3-2

APN/PARCEL ID

14-19-116-001-0000

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.