Over $100k Price Reduction!!! SVN Chicago Commercial is pleased to offer for sale a beautiful, fully leased, mixed-use corner building on Southport Ave in Chicago's highly sought after Lakeview neighborhood. The property is comprised of 3 apartments + 1 ground floor restaurant space which is leased to Sal's Trattoria, an acclaimed neighborhood Italian eatery. The approx. 7800 SF, three-story building + usable basement has excellent visibility along Southport Ave.
The property consists of one, 1200 SF restaurant space with an additional 1800 SF lower level, two approx. 2000 SF 4 bed/2.5 bath apartments, and one approx. 800 SF 1 bed/1 bath apartment. Following a complete renovation in 2017, the apartments are in exceptional condition, with all featuring new kitchens, stainless steel appliances, bathrooms, hardwood floors, lighting and in-unit laundry. The utilities & HVAC are separate per unit, providing minimal operating expense basis to the property owner. Two rear parking spaces are also included.
Sal's Trattoria, part of a multi-unit restaurant group, opened in June 2017 to rave reviews and is on a new long-term lease. The restaurant space, which also received substantial improvements with its new tenant, seats approx 40 inside and has an outdoor area capable of +/- 50 seats.
This is great opportunity to acquire a beautifully renovated, stabilized, mixed-use building in one of Chicago's preeminent north side neighborhoods.
The property is located in Chicago's desirable Lakeview neighborhood on Southport Ave. With an affluent and densely populated demographic, this sub-market boasts average home values over $660,000, and average annual income levels over $160,000. The property's location affords convenience as it is walking distance to CTA's Diversey 'L' stop, DePaul University, numerous restaurants and eateries, "Southport Corridor" retail shops, and many entertainment & nightlife destinations. Southport Ave in Lakeview is one of Chicago's most sought after locations for restaurant operators, retailers, & residents alike based on its demographics, population density & convenient location.
