1559 N Milwaukee Ave 2,950 SF Retail Building Chicago, IL 60622 $2,295,000 ($777.97/SF) 5.62% Cap Rate
INVESTMENT HIGHLIGHTS
- NNN, leaving little to no responsibility for the landlord
- Ground floor restaurant space at nearly 20% below market rental rate
- FAR allows for increased space of ±6,600 SF and with apartments allows investor to increase NOI by over 70%
- 2.25% annual increases to continue growing NOI every year
- Potential for investor to re-tenant and capture a above-market return
EXECUTIVE SUMMARY
This retail investment opportunity boasts a 5.62% capitalization rate and a price per square foot of $777, offering a compelling value in Chicago's Wicker Park neighborhood. The property encompasses 2,950 square feet of prime retail space and is anchored by a long-term, net-net-net (NNN) lease with approximately 1.45 years remaining. The lease features 2.25% annual rent escalations, ensuring a steady increase in net operating income (NOI), which currently stands at $128,980.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Building Size
2,950 SF
Building Class
B
Year Built/Renovated
1914/2004
Price
$2,295,000
Price Per SF
$777.97
Cap Rate
5.62%
NOI
$128,979
Tenancy
Single
Building Height
1 Story
Building FAR
0.97
Lot Size
0.07 AC
Zoning
B4-2 - B3-2
Frontage
75’ on Milwaukee Ave
AMENITIES
- Signage
Walk Score®
Walker's Paradise (99)
Transit Score®
Excellent Transit (78)
Bike Score®
Biker's Paradise (94)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 17-06-200-004-0000 | Improvements Assessment | $67,625 |
| Land Assessment | $36,875 | Total Assessment | $104,500 |
