Asking Price: $1,655,000
Building Size: 5,000 SQ FT
Lot Size: 3050
Cost per Square Foot: $331.00
Cap Rate: 7.00%
SVN Chicago Commercial, as the Exclusive Investment Advisor, is pleased to present to qualified investors the opportunity to acquire a rare urban infill value-add mixed-use property in the highly sought after Lincoln Park neighborhood located along the upscale Armitage Avenue corridor. 951 W Armitage Avenue (the "Property"), is a three (3) story 4,488 +- square foot mixed-use building situated upon +- 3,050 square foot of land.
The property contains a 100% leased ground floor retail space plus four (4) one (1) bedroom one (1) bathroom residence. Vosges Haut-Chocolat occupies the 1,200 square foot storefront retail space and has been a tenant since January 1, 2005. Vosges Haut-Chocolat has an 50% pro rata share of the pass-thru expenses (real estate taxes, building insurance and water and sewer), which minimizing expenses to ownership. With this, the underlying real estate is positioned to see continued appreciation under future ownership.
Key Points: BEST VALUE-ADD OPPORTUNITY IN LINCOLN PARK BEST VALUE-ADD OPPORTUNITY ON W ARMITAGE AVENUE OUTSTANDING LINCOLN PARK LOCATION DIRECTLY ADJACENT TO THE ARMITAGE AVENUE BROWN / PURPLE LINE CTA EL STOP 1.342 MILLION CTA RIDERS ANNUALLY FROM ARMITAGE AVENUE STOP HIGH BARRIERS TO ENTRY, ATTRACTIVE DEMOGRAPHIC PROFILE AND FUNDAMENTALS MASS-TRANSIT & HIGH PEDESTRIAN TRAFFIC COUNTS LINCOLN PARK: ILLINOIS' #1 INCOME ZIP CODE DEPAUL UNIVERSITY: ONE BLOCK NORTH (with 14,815 undergraduate and 7,130 graduate students) SUPERIOR RETAIL CORRIDOR