Commercial: Mixed Use - MLS# 12351160
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Description
Best location on 3 major corners (Belmont, California and Elston Avenues) with numerous car count passing each street every day on all 3 of these major streets. Tenants are long time tenants. Plus rental income that easily could be increased to today's rental rates. There is an opportunity for "value added" to increase apartment rents. Present rents are under market value. Incredible land square footage. Corner building is 18,812 square feet with 159 linear feet on Belmont Avenue. 3173 Elston Avenue is 4,500 square foot lot with a 4,200 square foot 1 story brick building under a triple net lease. Each apartment and each store pay their own and have individual forced air conditioning and heat units. Each apartment enjoys their own roof deck and there is a common roof deck for the tenants. There is a 19 car shared parking lot adjoining the properties. The properties are meticulously cleaned and well kept. There are 7 stores, 9 apartments plus income from a rooftop sign. The properties are in excellent condition but the properties will be sold "as is where is". The sale would be subject to a "1031 Exchange". Same ownership for over 55 years. Financial information available on request. Proof of funds required on all offers. The properties will not be divided. Confirmed showings only. Agent Owned
Features
- Property Type: Commercial
- Sub Type: Mixed Use
- Listing Status: Active
- County/Area: Cook County
- Zip Code: 60618
- Stories: 2
- Units: 16 units
- # Of Apts: 9
- # Of Stores: 7
- Additional Parcels: Yes
- Approximate Age: Older
- Cap Rate: 6.2
- Construction Materials: Brick
- Cooling: Central Air
- Directions: Belmont or Elston Avenues to California Avenue. Building is on the corner of all 3 streets. Plus there is a 2 flat building separated by drive in to parking lot.
- Electric: Circuit Breakers
- Electric Expense: 3878
- Fire Protection: Smoke or Fire Protectors
- Fuel Expense: 3000
- Geographic Locale: Chicago North
- Gross Income: 498600
- Gross Scheduled Income: 498600
- Heat/Ventilation: Central Heat/Indiv Controls, Gas
- Information: List Broker Must Accompany, No Sign on Property
- Insurance Expense: 25474
- Lot Size Square Feet: 18812
- Main Type: Commercial Sale
- Operating Expense: 172552
- Property Sub Type: Mixed Use
- Tax Annual Amount: 84550
- Tax Year: 2022
- Tenant Pays: Air Conditioning, Heat
- Total Monthly Income: 41550
- Township: North Chicago
- Trash Expense: 1506
- Water Sewer Expense: 21000
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