10401 Ewing Ave Chicago, IL 60617

This exceptional mixed-use property, located at 10401 S Ewing Avenue in Chicago's East Side neighborhood, presents a compelling value-add opportunity. The two-story, 12,000 square foot building sits on a 0.14-acre lot and boasts 10,000 square feet of net rentable space, housing nine units: two street-level retail spaces (currently leased on month-to-month agreements at below-market rates to Martha's Salon and El Mundo Madico De OT) and seven residential units (five 2-bedroom/1-bathroom, and two 1-bedroom/1-bathroom). Additionally, there's one non-conforming 1-bedroom/1-bathroom unit in the basement (not included in the unit count). Built in 1900, this fee-simple property offers a strong 7.14% cap rate with a current NOI of $53,525, and an asking price of $750,000 ($83,333 per unit). The property benefits from its prime location on a major commercial corridor, close proximity to public transportation (including bus lines, the South Chicago Metra Station, and the Hammond-Whiting Station), major highways (US Routes 12, 20 & 41, and Interstate 90), and numerous amenities including Lake Michigan, Calumet Beach, the Horseshoe Hammond Casino, and various retail options (Walmart, Pete's Fresh Market, TJ Maxx, etc.). The building is situated within a Chicago Housing Authority Mobility Zone, providing access to relocation assistance programs. Strong demographics, with over 70,900 people living within a 3-mile radius and an average household income of $71,365, further enhance the investment potential. The below-market rents for both residential and commercial units offer significant upside potential through lease renegotiations or attracting new tenants.