1059 Wrightwood Ave Chicago, IL 60614

This exceptional three-unit mixed-use building in Chicago's desirable Lincoln Park neighborhood presents a compelling investment opportunity. The property, located at 1059 W Wrightwood Ave, boasts a prime corner lot (30x125 ft) zoned RT-4, and includes a thriving tavern (Tapster) with a permanently affixed license, and two upscale duplex apartments. The tavern lease, expiring June 2027 with a five-year renewal option, features a 2.5% annual rent increase and a modified gross lease structure where the tenant covers proportional increases in real estate taxes and insurance beyond 2018 base year rates, as well as all mechanicals in their space and snow removal. The apartments, a 3-bed/2-bath and a 2-bed/2-bath, command monthly rents of $2700 each, with leases expiring in April 2025 and September 2025 respectively, offering significant upside potential. Recent renovations (2007 and 2021) have ensured modern amenities, including updated furnaces (2 months and 2 years old) and newer AC condensers (2017 or newer). The property's strong financial performance is reflected in a current NOI of $92,631 and a pro-forma NOI of $109,431, yielding a 5.79% cap rate and a pro-forma cap rate of 6.84%. 2022 operating expenses included $21,597 in taxes, $11,412 in insurance (potentially lower with re-shopping), and $1200 in water (with the tenant covering overages). Tenants are responsible for heat and gas. The building's location near Jonquil Park and DePaul University, coupled with recent developments in the area, ensures strong tenant demand and long-term value appreciation. The asking price is $1,599,000.