7,499 sq ft
Commercial: Mixed Use - MLS# 12484527
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Description
Trophy building at the heart of Lincoln Square, a highly visible corner across from Welles Park and Small Cheval. The building is anchored by L&M Deli, a neighborhood staple serving deli sandwiches, high-end groceries, as as beer, wine, and liquor. In addition, there are four large apartments (1) three bed / one bath and (3) two bed / one baths. The building underwent significant renovation in 2007 including the replacement of all copper water lines, all electric, a new main water line, new windows, and the cosmetic renovation of all units. In 2022, new HVAC was installed for all of the retail space. The apartments all have central air AC with clean, rental quality finishes (hardwood floors, laminate counters, and entry level appliances). Laundry is a shared community room on the 2nd floor of the building. L&M Deli has been in business at this location for six years with four years remaining on their lease and (2) five-year options. The space has had extensive upgrades including two large, walk-in freezers, a 1,500 SF air-conditioned prep kitchen in the basement, as well as ventilation and black iron for the kitchen. A new buyer has the opportunity to mark the existing apartment rents to market amid growing rental pressure and a lack of available supply, all while owning a trophy building with cash flow in place.
Features
- Property Type: Commercial
- Sub Type: Mixed Use
- Listing Status: Active
- County/Area: Cook County
- Zip Code: 60618
- Year Built: 1915
- Sq.Ft.: 7,499 sq ft
- Stories: 3
- Units: 5 units
- Zoning: MULTI
- # Of Apts: 4
- # Of Stores: 1
- Approximate Age: New Rehab
- Building Area Total: 7499
- Built Before 1978 (Y/N): Yes
- Cap Rate: 6.62
- Construction Materials: Brick
- Cooling: Central Air
- Directions: Corner of Lincoln & Montrose
- Electric: Service - 201 to 600 Amps
- Electric Expense: 540
- Expense Year: 2025
- Geographic Locale: Chicago North
- Gross Income: 218835
- Gross Rent Multiplier: 10.8
- Gross Scheduled Income: 220435
- Heat/Ventilation: Central Heat/Indiv Controls
- Information: List Broker Must Accompany, Show-Call Listing Office, 48-Hr Notice Required
- Insurance Expense: 8000
- Lot Size Square Feet: 2500
- Main Type: Commercial Sale
- Operating Expense: 50954
- Other Expense: 1675
- Property Sub Type: Mixed Use
- Retail SqFt: 4300
- Tax Annual Amount: 22085
- Tax Year: 2024
- Tenant Pays: Common Area Maintenance, Electricity, Heat, Janitorial Service, Taxes, Insurance, Repairs, Sewer
- Total Annual Expense Source: Combination
- Total Monthly Income: 18236
- Township: Lake View
- Water Sewer Expense: 3183
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