6340 N Clark Street
Chicago, IL 60660

Sold

Sold for $2,450,000 on Dec 12, 2024

Description

6334-40 North Clark Street is a 2-story mixed-use investment property with three (3) street level retail units, leased by Gracie O'Malley's, a popular Chicago Bar with three downtown locations (Edgewater, Wicker Park, and Six Corners), Sauce and Bread Kitchen (SBK), and Co-op Sauce. Sauce and Bread Kitchen (SBK) owns and operates Co-op Sauce and the two adjacent suites are on the same lease. The apartments are comprised of twelve (12) residential units consisting of one (1) Studio unit, five (5), 1-Bedroom/1-Bathroom units, three (3), 2-Bedroom/1-Bathroom units, two (2), 3-Bedroom/2 Bathroom units, and one (1), 4-Bedroom/2-Bathroom unit. The Property also features a detached four bay garage, which can generate additional revenue. The property benefits from rehabbed commercial spaces, updated plumbing and electric, and a brand new tear off completed in 2024. With strong commercial tenants and 100% occupancy on the apartments, this stable investment presents plenty of additional upside. At a current 8.01% cap rate, the income on this property will allow a buyer to generate a phenomenal return from day one. Bring your clients to check it out!

Features

• Property Type: Commercial
• Sub Type: Mixed Use
• Listing Status: Closed
• Listing Price: $2,625,000
• County/Area: Cook County
• Zip Code: 60660
• Year Built: 1917
• Sq.Ft.: 12,000 sq ft
• Stories: 2
• Units: 15 units
• Zoning: COMMR
• # Of Apts: 12
• # Of Stores: 3
• Approximate Age: Older
• Building Area Total: 12000
• Built Before 1978 (Y/N): Yes
• Cap Rate: 7.82
• Construction Materials: Brick
• Cooling: Window Unit(s)
• Directions: Property is located on the southwest corner of Clark and Devon, just south of the Shell Gas Station.
• Electric: Over 600 Amps
• Electric Expense: 10800
• Electric Expense Source: Owner Projection
• Expense Year: 2023
• Fire Protection: Alarm Monitored
• Fuel Expense: 9000
• Fuel Expense Source: Owner Projection
• Geographic Locale: Chicago North
• Gross Income: 316140
• Gross Rent Multiplier: 8.22
• Gross Scheduled Income: 319110
• Heat/Ventilation: Central Bldg Heat, Forced Air, Gas, Radiators
• Indoor Parking: 1-5 Spaces
• Information: List Broker Must Accompany, 48-Hr Notice Required
• Insurance Expense: 18228
• Insurance Expense Source: Owner Projection
• Lot Size Square Feet: 11448
• Main Type: Commercial Sale
• Operating Expense: 113705
• Original Rental Price: 23
• Other Expense: 27944
• Other Expense Source: Combination
• Property Sub Type: Mixed Use
• Rental Price: 23
• Retail SqFt: 3357
• Roof Structure: Flat
• Tax Annual Amount: 33777
• Tax Year: 2023
• Total Annual Expense Source: Combination
• Total Monthly Income: 26345
• Trash Expense: 4056
• Trash Expense Source: Broker Projection
• Water Expense Source: Owner Projection
• Water Sewer Expense: 9900