Active

2829 W Armitage Avenue

Chicago IL, 60647

$2,150,000


$137.82 per sqft

Active

15,600 sqft

Commercial

Built in 1920

Courtesy of Keller Williams ONEChicago

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.

11897998

MLS ID

September 30, 2023

Listed

February 16, 2024

Updated

Map

2829 W Armitage Avenue
Chicago IL, 60647

Interior Features

Total Stories

3


Fireplace

No


Cooling

Yes


Cooling Description

Central Air


Heating

No

Exterior/Building Features

Lot Size

0.12 Acres

Other Property Details

Area Name

CHI - Logan Square


Taxes

$20,580


Tax Frequency

Annually


Days on Market

23


Garage

No


View

No


County

Cook


Pool

No

Courtesy of Keller Williams ONEChicago, Manuel Torrejon-Regalado,
Listing Contact: 312-730-2029 

The data relating to real estate for sale on this website comes in part from the Broker ReciprocitySM Program of Midwest Real Estate Data. Real estate listings held by brokerage firms other than The Lowe Group are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.

Based on information submitted to the  MLS GRID for MRED 2/16/2024. All data is obtained from various sources and has not been, and will not be, verified by broker, MRED or MLS GRID. MLS Grid and 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. 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. Data is deemed reliable but is not guaranteed by MTP or MRED. The use of the MRED Data may be subject to an end-user license agreement prescribed by the Member Participant’s applicable MLS if any and as amended from time to time.

©2024 Listings Courtesy of MRED as distributed by MLS GRID. All rights reserved.

Data last updated 12:56 AM UTC, 2/16/2024

 

 

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