1414 North WESTERN AvenueChicago, IL 60622Price: $1,000,000

  • Price: $1,000,000
  • 67 Days on Market
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Federal 30-year interest rate: 3.56% last updated on Jan 20, 2022
* All Figures are estimates. Check with your bank or proposed mortgage company for actual interest rates.
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
  • 4,500Square Feet
  • 1906Year Built

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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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Listed by Greg Nagel of Ask Nagel

Based on information submitted to MRED  as of January 23, 2022 . All data is obtained from various sources and has not been, and will not be, verified by broker or MRED.   All information should be independently reviewed and verified for accuracy.  Properties may or may not be listed by the office/agent presenting the information. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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