ON MARKET – MULTI-FAMILY
2965 N. Lincoln Ave. Chicago, IL 60657
NEIGHBORHOOD
Lakeview
PRICE
$950,000
NUMBER OF UNITS
3
CAP RATE
6.41%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively retained to market for sale 2965 N. Lincoln Ave., a 3-unit mixed-use building located in the Lakeview neighborhood of Chicago. The unit mix consists of one (1) ground floor commercial space, one (1) 2 Bed / 1 Bath, and one (1) 3 Bed / 1 Bath apartments. The property also features two (2) exterior parking spaces in the rear. The 1,500 SF retail space is currently vacant and was previously occupied by a Thai restaurant that had operated in the space for several years. Please note the market income reflects this space leased.

The residential units offer an enormous amount of living space for the tenants. The kitchens feature updated wood cabinetry, stainless steel appliances, dishwashers, and laminate countertops. The apartments include large separate dining areas, recently updated bathrooms with beautiful fixtures, and hardwood flooring throughout the living spaces. All the units have individual HVAC units and hot water heaters that are separately metered. Electricity is also separately metered; therefore, these utilities are tenant paid.

An investor or owner user has the extremely rare opportunity to acquire a mixed-use asset in an area of Chicago that has seen tremendous growth and development in recent years. A new buyer can capitalize by simply leasing the ground floor commercial space, and raising rents to market level.

LOCATION DETAILS

The subject property is conveniently located on stretch of Lincoln avenue between Belmont Avenue and Diversey Parkway. This block is complete with mostly newer construction, mixed-use building that have ground floor retailers, restaurants and bars. The commercial tenant base consists of both mom-and-pop and brand name retailers, along with art galleries, concert venues, renown Chicago restaurants. Business both small and large have consistently sought to operate on Lincoln avenue because of its eclectic and beneficial demographics. Tenants such as Gino’s East, Left Coast, and Chase Bank are a few examples within this market. Additionally, the property is walking distance to the Belmont Red/Brown/Purple Line Station, making it easy for residents and employees to commute to and from the Chicago Business District.

HIGHLIGHTS
  • CLICK CAMERA ICON ABOVE FOR VIRTUAL TOUR
  • Prime Lakeview Location
  • Mixed-Use Building
  • 1,500 SF Ground Commercial Space
  • 2 Bed & 3 Bed Apartment Layouts
  • Separately Metered Heat, Hot Water, & Electric
  • Two Parking Spaces
  • B3-2 Zoning
  • Extremely Motivated Seller
LISTING BROKERS
Steven Livaditis
Principal
773.305.4840
Jacob Goldstein
Director
773.305.4896
Reuben Blackman
Associate
773.305.4848