$ 1,275,000
3058 W Cermak Road Chicago, IL 60623
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$ 1,275,000
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$ 1,275,000
Est. payment | /mo
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12209942
Year Built 1913
Annual Tax Amount $17,897
Tax Year 2023
Lot Dimensions 50 X 125
Property Description
Investment Summary The building and dedicated parking lot are located in what many consider the best neighborhood in Chicago for investment right now. The near term appreciation is expected to be huge. The East Little Village/ West Pilsen neighborhood is the hottest up and coming in Chicago due to it's close proximity to Downtown Chicago along with the amenities of the public transportation, a diverse shopping district, along with the connection to the city's boulevard and park systems. Think "Logan Square South". Many buildings in the area are being rehabbed and several new construction projects have already begun. There is Pink Line EL train stop approximately 1 1/2 blocks from this location. Douglas Park, which is one block from the subject property, is a gem in the park system and hosts several music fests that has helped bring about positive economic change to areas on the north side of the city. Chicago has recently replaced much of the infrastructure in the neighborhood including water mains, sewer lines, sidewalks/ curbs, and added trees to the street city-scape in anticipation. Both residential and commercial rents are on the rise with tenants moving in from other parts of the city. It's expected to continue for the foreseeable future. Chicago, as a whole, also continues to experience people moving in from other parts of the US looking to become part of the rich and diverse employment opportunities the city has to offer. The subject property is fully stabilized and has been well maintained. It features 4 commercial tenants and 4 residential tenants occupancies. On the first floor is a Cricket Communications phone store as well as 3 locally owned offices. The second floor contains 3-two bedroom apartments and 1-three bedroom apartment. Every unit on both floors are spacious, comfortable and easily rented. The apartments have large bedrooms, which is a critical factor in renting in the city. . All mechanicals have been updated with full HVAC systems as has every kitchen and bath finish. Residential tenants also enjoy a shared 825 sq ft outdoor deck area. There is a 12 car, off-street parking lot and a 2-car brick garage for a total of 14 spots. The zoning on this separate lot is positive and it can be expected that new construction can built on it in the future. This listing is part of a 4 building (8 Commercial / 16 Residential Units) and 6 vacant lot portfolio that are located on the same block (2 double vacant lots are a block away). Seller group is doing principal management and are looking to retire. The other properties will be available for active listing views in the next few days. Please contact the listing agent for more details.
Location
State IL
County Cook
Interior
Cooling Central Individual
Fireplace N
Exterior
View Y/N true
Roof Type Membrane
Building
Structure Type Brick
© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by James Mason • Mason Realty
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
2600 S. Michigan Ave., STE 102, Chicago, IL, 60616, United States