2957-2959 N Cicero Ave 11 Unit Apartment Building $1,580,000 ($143,636/Unit) 8.20% Cap Rate Chicago, IL 60641

Triton presents 2957-59 N. Cicero Ave. | 4749-51 W. Wellington Ave, a vintage eleven (11) unit mixed-use property located in Chicago's Belmont Cragin neighborhood. The property consists of nine (9) residential apartments and two (2) ground-floor commercial spaces ideally located along a high-visibility stretch of Cicero Avenue. The residential unit mix is comprised of (4) studio, (1) one-bedroom, and (4) two-bedroom apartments, while the two vacant storefronts offering +3,000 SF of commercial space present an opportunity to create significant value and bolster the property's income generation. The asking price is $1,345,000 with a construction budget of $235,000. The listed price reflects the all-in cost that the listed pro forma financial calculations reflect.
Originally constructed in 1927, the corner masonry brick building contains approximately 8,200 rentable square feet and benefits from a straightforward utility profile, with tenant-paid cooking gas and electric. The property features steam boiler heat, window A/C units, and well-maintained vintage apartment finishes, providing investors with a solid foundation for future improvements. In its current configuration, the asset generates in-place residential income while offering substantial upside through targeted interior updates to the apartment units and the buildout and lease-up of the two commercial spaces. An investor can achieve a projected 8.20% pro forma cap rate and 10.09% cash-on-cash return following stabilization and completion of improvements.
Situated at the intersection of Cicero Avenue and Wellington Avenue, the property benefits from strong traffic counts, excellent visibility, and convenient access to the broader Northwest Side. Belmont Cragin is supplemented by neighborhood retail, nearby parks, and multiple CTA bus routes, with easy connectivity to I-90/94 for travel to downtown Chicago and O'Hare. This offering presents investors with the opportunity to acquire a well-located mixed-use asset featuring a path to materially stronger returns.