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1414 N Western Avenue

Chicago, IL 60622
  • $1,000,000
  • STATUS: Active
  • ON SITE: 14 Days
  • MLS #: 11272174
UPDATED: 20 min ago
$1,000,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1906
County:

School Ratings & Info

Description

Fully Renovated All Brick Mixed Use 3 Unit In Wicker Park Just 4 Blocks To Western Blue Line Stop. Enjoy Immediate Positive Cash Flow On This 6.5% Cap Rate Deal At Full Ask Price Of $1,000,000. Fully Leased With Current Annual Rent Of $83K, But With Large Upside In 2022 & Beyond. Both Residential Units Are Leased Until 5/31/22 Where They Both Are Positioned To Enjoy Large Increases In Rent Given The Pandemic Rent Pop, & That Unit 2 Rented For $200 Less Than Historical Due To Pandemic. The Commercial Unit Has A New Modified Gross 5 Year Lease That Started 8/1/21 With 3% Annual Increases, They Pay All Their Own Utilities. Plan For Significant Appreciation In This Investment That Is In A Highly Gentrifying, High Traffic, & High Average House Hold Income. Perfectly Situated Half Way Between Division Street & North Ave, In Wicker Park's Western Ave Corridor Just 4 Blocks To The Remodeled Western Blue Line Stop. Daily Traffic Of 24K Vehicles A Day On Western Ave, Provides Outstanding Visibility Which Supports The Commercial Space. It Is Also Across From St Mary's Presence Hospital & Amita Health. 232K People Within 2 Miles With Average Household Income Of $131K In This Highly Appreciating Western Ave Corridor Provides Outstanding Rental Base Supporting Increasing Residential Rents. There Is New Development In Literally Every Direction W/ Lots Of Potential For The Neighborhood & Rents To Further Improve. Just 4 Blocks To The Western Ave Blue Stop Is Arguably One Of The Most Explosive Growth Areas In Chicago. 2 Blocks To The "606", AKA The Bloomingdale Trail, Which Is Also A Huge Development Catalyst For This Area. Wicker Park Is To The East & West Bucktown Is To The West From Western Ave to California. Note That There Is a lot of Development On California And Its Being Referred To As The "California Development Corridor" Sandwiching This Location With Wicker Park On The Opposite End. Gas Forced Heat Central AC Throughout With Utilities Separated & Each Tenant Paying Their Own Electric & Gas For All Units. Both 1500 Sqft Residential Loft Units Enjoy 10 Ft Ceilings, Tons Of Exposed Brick, Hardwood Floors Throughout, & An Open Concept Great Rm That Includes Living, Dining & Kitchen Areas For A Very Comfortable & Roomy Vibe! Bright Sunlight Streams Through The Front Oversized Windows. They Both Include In Unit Laundry, Spacious Kitchens W/ Stainless Steel Appliances Including Dishwasher & Maple Cabinets, Large Porches, & Secured Gated Parking Included In Rent. The 1500 Sqft Commercial Space Has A Super Cool Loft Vibe With Its 12 Foot Ceilings, Tons Of Exposed Brick, Wood Trusses, Walnut Stained Hardwood Floors Throughout. The Oversized Storefront Windows Flood The Space With Natural Light. It Also Includes Three Offices With French Doors, A Kitchenette W/ Sink, Fridge, dishwasher, Granite, & A Nice Bathroom. There Is A Full Basement With Laundry Hookups, Mechanicals, & Incredible Room For Storage. The Building Has Very Low Utilities Expense As They Fully Separated & Paid By Each Tennant. See Attached PDF Documents: 1) Property Info Document, 2) Proforma Rent Roll, And 3) Survey Zone Map Assessed Values Found In Additional Info.

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© 2021 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Carolyn and Hillary Homes | Charles Rutenberg Realty. Based on information submitted to the MRED as of 2021-12-02T17:01:21.377 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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1414 N Western Avenue Chicago, IL 60622

  • Price: $1,000,000
  • Status: Active
  • On Site: 14 Days
  • Updated: 20 min ago
  • MLS #: 11272174
0
Beds
0
Baths
0
½ Baths
N/A
Acres
1906
Built
Neighborhood:
Chi - West Town
County:
Cook
Area:
Chi - West Town
Property Description
Fully Renovated All Brick Mixed Use 3 Unit In Wicker Park Just 4 Blocks To Western Blue Line Stop. Enjoy Immediate Positive Cash Flow On This 6.5% Cap Rate Deal At Full Ask Price Of $1,000,000. Fully Leased With Current Annual Rent Of $83K, But With Large Upside In 2022 & Beyond. Both Residential Units Are Leased Until 5/31/22 Where They Both Are Positioned To Enjoy Large Increases In Rent Given The Pandemic Rent Pop, & That Unit 2 Rented For $200 Less Than Historical Due To Pandemic. The Commercial Unit Has A New Modified Gross 5 Year Lease That Started 8/1/21 With 3% Annual Increases, They Pay All Their Own Utilities. Plan For Significant Appreciation In This Investment That Is In A Highly Gentrifying, High Traffic, & High Average House Hold Income. Perfectly Situated Half Way Between Division Street & North Ave, In Wicker Park's Western Ave Corridor Just 4 Blocks To The Remodeled Western Blue Line Stop. Daily Traffic Of 24K Vehicles A Day On Western Ave, Provides Outstanding Visibility Which Supports The Commercial Space. It Is Also Across From St Mary's Presence Hospital & Amita Health. 232K People Within 2 Miles With Average Household Income Of $131K In This Highly Appreciating Western Ave Corridor Provides Outstanding Rental Base Supporting Increasing Residential Rents. There Is New Development In Literally Every Direction W/ Lots Of Potential For The Neighborhood & Rents To Further Improve. Just 4 Blocks To The Western Ave Blue Stop Is Arguably One Of The Most Explosive Growth Areas In Chicago. 2 Blocks To The "606", AKA The Bloomingdale Trail, Which Is Also A Huge Development Catalyst For This Area. Wicker Park Is To The East & West Bucktown Is To The West From Western Ave to California. Note That There Is a lot of Development On California And Its Being Referred To As The "California Development Corridor" Sandwiching This Location With Wicker Park On The Opposite End. Gas Forced Heat Central AC Throughout With Utilities Separated & Each Tenant Paying Their Own Electric & Gas For All Units. Both 1500 Sqft Residential Loft Units Enjoy 10 Ft Ceilings, Tons Of Exposed Brick, Hardwood Floors Throughout, & An Open Concept Great Rm That Includes Living, Dining & Kitchen Areas For A Very Comfortable & Roomy Vibe! Bright Sunlight Streams Through The Front Oversized Windows. They Both Include In Unit Laundry, Spacious Kitchens W/ Stainless Steel Appliances Including Dishwasher & Maple Cabinets, Large Porches, & Secured Gated Parking Included In Rent. The 1500 Sqft Commercial Space Has A Super Cool Loft Vibe With Its 12 Foot Ceilings, Tons Of Exposed Brick, Wood Trusses, Walnut Stained Hardwood Floors Throughout. The Oversized Storefront Windows Flood The Space With Natural Light. It Also Includes Three Offices With French Doors, A Kitchenette W/ Sink, Fridge, dishwasher, Granite, & A Nice Bathroom. There Is A Full Basement With Laundry Hookups, Mechanicals, & Incredible Room For Storage. The Building Has Very Low Utilities Expense As They Fully Separated & Paid By Each Tennant. See Attached PDF Documents: 1) Property Info Document, 2) Proforma Rent Roll, And 3) Survey Zone Map Assessed Values Found In Additional Info.
Exterior Features

Exterior Building Type Brick Foundation Details Concrete PerimeterStone Frontage Type City Street Outdoor Parking 1-5 Spaces Parking Total 2 Roof Reflective CoatingRubber Roof Structure Flat

Interior Features

Cooling Central AirCentral Individual Fireplaces Total 1 Flooring Wood Heat Ventilation Forced AirGas Miscellaneous Inside Basement Number Of Dishwashers 3 Number Of Dryers 2 Number Of Ranges 2 Number Of Washers 2

Property Features

Additional Parcels YN No Approximate Age Older Building Area Total 4500 Built Before1978 YN Yes Current Use Commercial Electric Circuit Breakers Fire Protection Fire Extinguisher/SCarbon Monoxide Detector(S) Geographic Locale Chicago North Gross Income 82616 Gross Scheduled Income 82616 Insurance Expense 2979 Location Mixed Use Area Number Of Tenants 3 Ownership Types Individual Possible Use CommercialCondominiumOffice And ResearchMulti-FamilyRetailSpecial UseOther Property Sub Type Apts/Stores Rental Price 0 Tax Annual Amount 10272 Tax Year 2020 Tenant Pays Air ConditioningElectricityHeat Total Monthly Income 6885 Township West Chicago Type Mixed Use Zoning Other

Listing information © 2021 Midwest Real Estate Data LLC.
Listing provided courtesy of Ask Nagel.


© 2021 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Carolyn and Hillary Homes | Charles Rutenberg Realty. Based on information submitted to the MRED as of 2021-12-02T17:01:21.377 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

Digital Millennium Copyright Act
 
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