2829 West Armitage AvenueChicago, IL 60647Price: $2,150,000

  • Price: $2,150,000
  • 202 Days on Market
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Federal 30-year interest rate: 7.1% last updated on Apr 18, 2024
* 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.
  • 15,600Square Feet
  • 1920Year Built

Listing Tools

I am pleased to present a mixed-use investment opportunity located in the vibrant Logan Square neighborhood. This property boasts both financial and physical 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; Stabilization: 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 over $275,000 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. Offering Memorandum / Sales Booklet - Contact Listing Agent directly to receive our offering booklet, providing detailed income, expenses, market study, financial analysis, images, demographics, maps, etc.

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Listed by Manuel Torrejon-Regalado of Keller Williams ONEChicago

Based on information submitted to MRED  as of April 20, 2024 . 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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