2829 W Armitage Ave - Apartments FOR SALE


Chicago, IL 60647
$2,150,000 USD
312-730-2029
2829 W Armitage Ave, Chicago, IL for Sale
$2,150,000 USD
Apartments - FOR SALE
1/4
null | Request Cap Rate

2829 W Armitage Ave
Chicago, IL 60647


HIGHLIGHTS

  • Bldg. 15,600 SF
  • Zone B3-1
  • One Commercial Space & Four Residential Units
  • Fully Stabilized
  • 21,688 Average Daily Traffic

OVERVIEW

KW Commercial is pleased to present a mixed-use investment opportunity located in the vibrant Logan Square neighborhood. Well-maintained asset which features a restaurant. This property boasts impressive features and attributes, making it an attractive prospect for savvy investors and business owners seeking a strategically positioned and well-maintained asset. Property Details: - Building Size: 15,600 Square Feet - Lot Size: 5,250 Square Feet - Zoning: B3-1 - Location: Corner of Armitage Ave. and Mozart St., Logan Square - Floors: Three - Composition: One commercial space and four residential units - 100% Stabilized Key Highlights: - Renowned Dos Urban Cantina Lease: The property includes a leased commercial space occupied by the well-established and renowned Dos Urban Cantina. This esteemed tenant brings stability to the investment and adds value to the property due to its popularity and established reputation within the community.? - Desirable Residential Units: The four residential units, thoughtfully designed as two units of two beds and one bath each, offer comfortable living spaces complemented by in-unit washer/dryer facilities. The residential units present a steady income stream and cater to the increasing demand for quality housing in the Logan Square neighborhood.? - Modern Amenities and Infrastructure: The property stands out with its contemporary features, including individual furnaces and water tanks for each unit, full HVAC systems for hot and cold forced air throughout the entire building, and copper plumbing. These modern amenities ensure tenant comfort and convenience, adding to the property's appeal.? - Recent Capital Improvements: Extensive capital expense investments, totaling above a quarter of a million dollars in 2022, demonstrate the property's commitment to maintaining its value and ensuring a hassle-free ownership experience for the future buyer. Recent updates, such as tuck-pointing and a new tear-off roof, enhance the building's structural integrity and longevity.? - Excellent Traffic Exposure: With an average daily traffic of 21,688 cars passing by on the corner of Armitage Ave. and Mozart St., the property enjoys significant exposure, providing ample visibility for the commercial space and increasing the potential for attracting new customers.? Outdoor Deck: An existing outside deck of 500 SF adds a valuable amenity for tenants and patrons, creating an inviting space for leisure and entertainment.? - As a discerning investor, this commercial property presents an opportunity to capitalize on the thriving Logan Square market and its continued growth potential. I am confident that the property's prime location, versatile composition, and recent capital improvements will yield long-term benefits and a strong return on investment. - Commercial Lease - Presently at a monthly rate of $8,234, it carries 3% annual increases, is responsible for 50% of the taxes for the building, and 50% of the building's water-use.

FOR SALE DETAILS

PRICE

$2,150,000 USD

PRICE/SF

$138 USD /SF

# OF UNITS

5

PRICE/UNIT

$430,000

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Bar

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1898

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.21 AC

LAND SF

9,000 SF

ZONING

B3-1

APN/PARCEL ID

13-36-306-043-0000

ASK ABOUT THIS PROPERTY

Manny RegaladoKW Commercial ChicagoMore Info
312-730-2029

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Manny RegaladoKW Commercial ChicagoMore Info
312-730-2029

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.