2829 W Armitage Avenue
Chicago, IL, 60647 $ 2,150,000
Baths0.0 Sq 15,600 Monthly Estimate*
$ 15,018
Studio
for $2,150,000. This 15,600 square foot building was built in 1920 on a lot size of 0.120523.
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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FeaturesGeneralCooling Central Air
Construction Materials Brick
Year Built 1920
Electric Circuit Breakers
Tenant Pays Air Conditioning Electricity Heat Sewer
Stories 3
Tax Year 2021
Gross Income 179208
County Cook
Insurance Expense 5000
Property Type Commercial Sale Mixed Use
Status Active
Directions Located on the southwest corner of Armitage Ave. & Mozart St. West of California Ave. on the south side of the street.
City Chicago
Total Units 5
MLS Area CHI - Logan Square
Lot Size Square Feet 5250
Street Name Armitage
Tax Annual Amount 20580
Electric Expense 1
Fuel Expense 1
Trash Expense 1
Water Sewer Expense 6000
Additional Parcels Y/N N
Days on Market 23
Standard Status Active
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ExteriorBuilding Area Total 15600
Lot Dimensions 50X125
Exterior Brick
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* Excluded FeaturesList ByKeller Williams OnechicagoBroker
mregalado@kwcommercial.comEmail
Affordability Calculator
- Monthly Principal & Interest
- $15,018
- Monthly Property Taxes
- $1,715
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyCommerical listings in Chicago, IL
Average List Price $834,057
Percent of Sale Price 61%
About Chicago, IL 2,755,380 Population
-4% Since 2002
$ 53,088 Median Income
36.07 Median Age
25% Households with Children
Trends Information provided by ATTOM Data Solutions.
565567 Elementary School
567955 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
10/2/2023 | $2,150,000 | | Listed Price |