Commercial: Mixed Use - MLS# 12586766
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Description
Mixed-use value-add investment on 26th Street in the heart of Little Village, one of Chicago's busiest and most densely commercial retail corridors, home to over 1,000 businesses and heavy foot traffic year-round. Sale includes three contiguous parcels totaling approx. 8,625 SF of land (0.20 acres) with 70' of frontage directly on 26th Street, zoned B3-1. The ground-floor commercial space is occupied by an active Salvadorian restaurant with a large basement below. The second-floor 2-bed/1-bath residential unit needs significant renovation or gut rehab, but retains vintage woodwork, stained glass built-ins, a large kitchen, utility room, and a rear deck. Behind the main building is a parking garage and storage area. Two of the three parcels make up a large parking lot adjacent to the restaurant, a rare and valuable asset on a corridor where street parking can be hard to come by. Income potential from multiple sources: existing commercial tenant, post-rehab residential rental, and parking lot revenue or future development under B3-1 zoning. The residential unit is where the real upside lives. Renovate or gut-rehab to market rate and you're adding a performing income stream to a property that's already producing on the commercial side. The parking lot adds a layer most small mixed-use deals don't have, whether you monetize it now or develop it later. The building is brick masonry, built c. 1908. Priced for an investor who sees the spread between current condition and post-renovation value on one of the Southwest Side's strongest commercial streets. CTA Pink Line and bus routes 52/60 nearby. Bring your ideas and vision to this incredible location to create a great opportunity!
Features
- Property Type: Commercial
- Sub Type: Mixed Use
- Listing Status: Active
- County/Area: Cook County
- Zip Code: 60623
- Year Built: 1908
- Stories: 2
- Units: 2 units
- # Of Apts: 1
- # Of Stores: 1
- Additional Parcels: Yes
- Approximate Age: Older
- Built Before 1978 (Y/N): Yes
- Construction Materials: Brick
- Cooling: Central Air
- Directions: Kostner to 26th Street. East to building
- Electric: Circuit Breakers
- Fire Protection: Carbon Monoxide Detector(s)
- Geographic Locale: Chicago South
- Gross Income: 36000
- Gross Rent Multiplier: 18.7
- Gross Scheduled Income: 36000
- Heat/Ventilation: Forced Air, Gas
- Information: Short Notice OK
- Location: Mixed Use Area
- Lot Size Square Feet: 8625
- Main Type: Commercial Sale
- Outdoor Parking: 6-12 Spaces
- Property Sub Type: Mixed Use
- Tax Annual Amount: 7351.54
- Tax Year: 2024
- Tenant Pays: Varies by Tenant
- Total Monthly Income: 3000
- Township: West Chicago
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