Property Overview

Interra Realty has been exclusively engaged to market 3546 N. Southport Ave., a 23 unit mixed-use corridor building in the highly desirable Lakeview neighborhood of Chicago, IL. The unit mix is comprised of (9) 1Bdr/1Ba, (12) studios, and (2) retail spaces. The building presents a significant value-add opportunity through the modernization of units providing for an increase in rental income. The building features a new roof installed in 2008, most windows have been replaced over the past five years, some plumbing has been replaced to copper, the building is heated by a Peerless steam boiler with new sensor system installed in 2014, a newer Laars Water Heater (119 gallon), 2 washers & 2 dryers (leased), tenant & bike storage area and an intercom system. There's a Verizon Antenna situated on the roof on a lease that brings in an additional $1,800+/mo. The residential units include hardwood floors, radiator heating, ceiling fans, generally older kitchen & baths and tiled kitchen floors. The commercial tenants are Real Good Juice and The Denim Lounge which have both been in the building for 3+ years.

The property is walking distance to the Southport CTA “L” Station, Wrigley Field and several restaurants, shops and bars in the Wrigleyville neighborhood.

Highlights

  • 23 Unit Mixed-Use Building in Prime Southport Corridor in Lakeview
  • Unit Mix: (9) 1Bdr/1Ba, (12) Studios, and (2) Retail Spaces
  • Significant Value-Add Opportunity: Renovate the Residential Units & Increase Rental Income
  • Verizon Antenna on Roof: $1,800+/month income

Key Details

SALE PRICE
$5,700,000
BUILDING SIZE
10,000 SF
PRO FORMA CAP RATE
6.10%
NUMBER OF UNITS
23
YEAR BUILT
1930