Lakeview Redevelopment Opportunity 3219 N Clark St 6,992 SF Retail Building Chicago, IL 60657 $2,000,000 ($286.04/SF) 10.04% Cap Rate

This offering is presented by KW Commercial and Keller Williams ONEChicago. Located at 3219 N. Clark Street in Chicago’s vibrant Lake View neighborhood, this property offers a unique redevelopment opportunity. The building, originally constructed in 1925 and classified as Class C, features a gross leasable area (GLA) of 6,992 square feet. With a current tenant occupying the ground floor, the upper floors are primed for conversion to residential apartments, making this a compelling mixed-use investment.
Redevelopment Opportunity
Residential Conversion: Potential to transform the 2nd and 3rd floors into (4) 900 SF residential apartments at $65,000 per unit for the renovation.
2nd Floor: (2) 2-bedroom, 2-bathroom unit with a pro forma rent of $3,250 per month.
3rd Floor: (2) 2-bedroom, 2-bathroom unit with a pro forma rent of $3,250 per month.
Ground Floor Commercial Space: Maintains income stability with 3,300 SF of medical office or retail space under a pro forma NNN rent of $33.00/SF annually.
Cash Flow Opportunity During Pre-Renovation Phase
The current tenant’s lease, which began on January 1, 2006, runs through December 31, 2027. Starting in January 2026, the base rent will increase to $18,063 per month. This structure provides an investor with the opportunity to generate consistent cash flow (rental income) while obtaining plans and permits for renovations. Renovation work cannot commence until the tenant vacates the property, offering the investor time to prepare while maintaining financial stability.
Financial Summary
The purchase price is $2,000,000. The ground-floor lease provides consistent income, with the base rent increasing to $18,063 per month ($31.00/SF) by 2026. The existing lease, which runs through 2027, ensures stable revenue while providing time for the planned residential conversion.
Tenant Information
Blum Animal Hospital, part of the national VCA Animal Hospitals Inc. network, currently occupies the ground floor. VCA is recognized for its high-quality pet care and extensive network of over 1,000 locations, providing a stable and reputable tenant for the property during the renovation.
Location and Market Overview
Nestled in the affluent and dynamic Lake View neighborhood, the property enjoys a prime location surrounded by shopping, dining, and cultural attractions. It offers excellent visibility, high foot traffic, and proximity to public transportation, enhancing its appeal to both residents and businesses.
Investment Highlights
This property combines the security of a long-term, reputable tenant with the significant upside of redevelopment potential.
Mixed-use redevelopment offers diversified income streams.
Phased renovation approach allows for cash flow during construction.
Prime location in a thriving community ensures ongoing demand for residential and commercial spaces.
Triple Net Lease (NNN) structure minimizes landlord expenses while maintaining stable cash flow
Projected total annual income of $220,600 highlights the value of the planned conversion.
The property at 3219 N. Clark Street is an exceptional opportunity for investors seeking to capitalize on Lake View’s robust real estate market while ad. adding value through strategic redevelopment and operational flexibility.