3111 - 3117 S Archer Avenue
Chicago, IL, 60608 $ 725,000
Baths0.0 Sq 6,950 Monthly Estimate*
$ 5,064
Studio
for $725,000. This 6,950 square foot building was built in 1938 on a lot size of 0.117195.
Pearson Realty Group been exclusively retained to sell 3 parcels at the SW corner of Ashland Ave and Archer Ave. These 3 properties can be purchased individually, or all together as a package at a discounted price. This is a high traffic location with 26,500 VPD on Ashland and 23,400 VPD on Archer. Directly east across Ashland Ave is a Mariano's Anchored Retail Shopping Center. Commercial neighbors of this property include JC Licht/Ace Hardware, H&R Block, Subway, Burger King, O'Reilly Auto Parts, White Castle, Dollar Tree, T Mobile, Popeyes, Sherwin Williams, GNC, Great Clips, and Mattress Firm. The 1st of the 3 parcels, which is located at 3111 S. Archer, is a one story retail location with a finished basement. The first floor is all open space and the basement area has the same footprint, but includes 2 private rooms with sinks, and a 2 separate bathrooms. The billboard on the roof of this bldg is owned by Clear Channel and they have a easement in perpetuity and own the air rights. In a deal inked many years ago, the owner of this property derives no rental income from that billboard or from any lease payments for the easement. This property is being offered for sale individually for $150,000. This space - and only this space - is also being offered for lease at $1800/mo on a gross basis. The second building is located just west of this at 3115 S. Archer. This is a 2 story building with a full basement. Each floor is approximately 1600 s.f. The first floor is occupied by a long time bar and music venue named One City Tap. The second floor is split up into 7 bedrooms, with 2 bathrooms and one kitchen. This 2nd floor area is licensed as an SRO, and any sale must follow the rules and regulations governing the transfer of an SRO property (click on link in Broker's Private Remarks). 3115 S. Archer Ave is being offered for sale individually for $450,000. This property is not being offered for lease. The third property is just west of this one and has the address of 3117 S. Archer Ave. This is a one story structure with driveway access on Ashland Ave and vehicle egress through an overhead door onto Archer Ave. The long time tenant here is a Car Wash named Fine Touch Pro Detailing and Car Wash. 3117 S. Archer Ave is being offered individually for sale for $200,000. This property is also not being offered for lease. If all 3 properties are purchased individually, the total purchase price will be $800,000. If these 3 properties are purchased all together as a package, they can be acquired for the discounted sale price of $725,000 - again, with the stipulation that any new owner must abide by the City of Chicago's SRO ordinance which dictates the terms and conditions of the transfer of SRO properties. If fully leased, these 3 properties together will produce a gross income of approximately $110,000/yr, and with conservatively estimated Operating Expenses, an NOI of $59,950. At the package deal price of $725,000, this will equate to an 8.27% Cap Rate.
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FeaturesGeneralCooling Central Individual
Zoning COMMR
Construction Materials Brick
Year Built 1938
Electric Separate Meters
Tenant Pays Air Conditioning Electricity Heat
Stories 2
Property SubType Apts/Stores
Tax Year 2022
Gross Income 110400
County Cook
Net Operating Income 55200
Operating Expense 44160
Insurance Expense 0
Property Type Commercial Sale Mixed Use
Status Active
Directions South or North on Ashland Ave to Archer Ave. Archer Ave runs at a diagonal so either SW or NE on Archer Ave to Ashland Ave. This property is located on the SW corner of Ashland and Archer.
City Chicago
Total Units 10
MLS Area CHI - McKinley Park
Lot Size Square Feet 5105
Street Name Archer
Tax Annual Amount 18850
Electric Expense 0
Fuel Expense 0
Trash Expense 0
Water Sewer Expense 0
Additional Parcels Y/N Y
Days on Market 5
Standard Status Active
Total Actual Rent 1800
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ExteriorBuilding Area Total 6950
Lot Dimensions 68X113X60X30
Exterior Brick
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* Excluded FeaturesList ByPearson Realty GroupBroker
david@pearsonrealtygroup.comEmail
Affordability Calculator
- Monthly Principal & Interest
- $5,064
- Monthly Property Taxes
- $1,571
- 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 $846,084
Percent of Sale Price 17%
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 |
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4/26/2024 | $725,000 | | Listed Price |