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1956 W Armitage Ave 9,685 SF 100% Leased Retail Building Chicago, IL 60622 $3,980,000 ($410.94/SF) 5.73% Cap Rate
INVESTMENT HIGHLIGHTS
- Value-Add Opportunities
- Heart of Booming Bucktown Neighborhood
- 100% Occupied
EXECUTIVE SUMMARY
Incredible investment opportunity located in the heart of Chicago’s Bucktown
neighborhood available for sale for the first time in generations. This well-maintained
building consists of four street level commercial units and four residential units upstairs.
The building is 100% occupied and has been for years. In addition to existing tenants, the
building has also entered into a long-term leasing arrangement with Verizon to install a cell
phone tower. License and permits are all approved – just waiting on install. Additional
revenue opportunities exist such as possible billboard installation where legacy board
previously existed. First showings will be with the commercial units. Residential units will
only be shown to interested parties on a second visit. Additional information requires
executed NDA. Proof of funds needed to schedule formal tour.
neighborhood available for sale for the first time in generations. This well-maintained
building consists of four street level commercial units and four residential units upstairs.
The building is 100% occupied and has been for years. In addition to existing tenants, the
building has also entered into a long-term leasing arrangement with Verizon to install a cell
phone tower. License and permits are all approved – just waiting on install. Additional
revenue opportunities exist such as possible billboard installation where legacy board
previously existed. First showings will be with the commercial units. Residential units will
only be shown to interested parties on a second visit. Additional information requires
executed NDA. Proof of funds needed to schedule formal tour.
FINANCIAL SUMMARY (ACTUAL - 2022) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$286,048
|
$29.54
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$286,048
|
$29.54
|
| Taxes |
$38,223
|
$3.95
|
| Operating Expenses |
$20,000
|
$2.07
|
| Total Expenses |
$58,223
|
$6.01
|
| Net Operating Income |
$227,825
|
$23.52
|
FINANCIAL SUMMARY (ACTUAL - 2022)
| Gross Rental Income | |
|---|---|
| Annual | $286,048 |
| Annual Per SF | $29.54 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $286,048 |
| Annual Per SF | $29.54 |
| Taxes | |
|---|---|
| Annual | $38,223 |
| Annual Per SF | $3.95 |
| Operating Expenses | |
|---|---|
| Annual | $20,000 |
| Annual Per SF | $2.07 |
| Total Expenses | |
|---|---|
| Annual | $58,223 |
| Annual Per SF | $6.01 |
| Net Operating Income | |
|---|---|
| Annual | $227,825 |
| Annual Per SF | $23.52 |
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
9,685 SF
Building Class
C
Year Built
1927
Price
$3,980,000
Price Per SF
$410.94
Cap Rate
5.73%
NOI
$228,000
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
1.59
Lot Size
0.14 AC
Zoning
B3-2 - Community Shopping Ctr:Shopping centers, large stores, and retail storefronts, often along major streets. Apartments permitted above the ground floor.
Frontage
AMENITIES
- Bus Line
- Corner Lot
- Signage
- Signalized Intersection
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
- Boca Loca
- -
- 810 SF
- -
- -
- Polonia Liquors
- -
- 1,315 SF
- -
- -
- Savannah
- -
- 3,000 SF
- -
- -
- Shawarma Inn
- -
- 810 SF
- -
- -
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
| Boca Loca | - | 810 SF | - | - | ||
| Polonia Liquors | - | 1,315 SF | - | - | ||
| Savannah | - | 3,000 SF | - | - | ||
| Shawarma Inn | - | 810 SF | - | - |
Walk Score®
Walker's Paradise (96)
Transit Score®
Excellent Transit (74)
Bike Score®
Biker's Paradise (94)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 14-31-213-035-0000 | Total Assessment | $328,100 (2024) |
| Land Assessment | $113,100 (2024) | Annual Taxes | $38,223 ($3.95/SF) |
| Improvements Assessment | $215,000 (2024) | Tax Year | 2022 |
PROPERTY TAXES
Parcel Number
14-31-213-035-0000
Land Assessment
$113,100 (2024)
Improvements Assessment
$215,000 (2024)
Total Assessment
$328,100 (2024)
Annual Taxes
$38,223 ($3.95/SF)
Tax Year
2022
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1956 W Armitage Ave
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