Property Overview
Interra Realty has been exclusively engaged to market 3025 W. Irving Park Road for sale. The subject investment property is a renovated, 12 unit mixed-use building in the Irving Park Neighborhood of Chicago’s northwest side.
The property is about two blocks from Horner Park and numerous shopping, dining, and entertainment amenities. Irving Park is a stable community that has benefited from the rise in popularity of its surrounding neighborhoods, Roscoe Village, Ravenswood Gardens, and Avondale.
The property recently underwent a substantial renovation and repositioning. Six apartments were fully gut rehabbed. Of the remaining four units, all previously received updated plumbing, electricity, HVAC, and laundry and two of them were further modernized by current ownership.
Additionally, the retail was fully renovated and leased to two high-quality tenants: Lincoln Park Psychology (three offices on the northside) and Olitas, a new coffee shop with on-site roasting from two experienced owners. The tenants have an average of over five years of lease term remaining.
Highlights
- Strong Retail Tenants with 5 Years Average Lease Term Remaining
- Modern Apartment Finishes with In-Unit Laundry
- Individual HVAC and Hot Water Heaters
- Updated Building Systems and Significantly Improved Building Envelope
- Stable/High-Demand Apartment Rental Market