For Sale
$3,300,000

651 Armitage AveChicago, IL 60614

Lincoln Park gem: 11,000 SF, high cap rate.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional mixed-use property at 651 W Armitage Avenue in Chicago's vibrant Lincoln Park neighborhood presents a compelling investment opportunity. The 11,000 square foot building, constructed in 1910 and boasting three stories, is zoned B1-3 and features a blend of retail and multifamily units. Currently vacant, this property offers significant upside potential. The building comprises five large apartments, including a substantial coach house with a three-car heated garage. Three apartments offer three bedrooms and two bathrooms each, one features two bedrooms and one bathroom, and the coach house includes four bedrooms, two and one-half bathrooms. Two retail spaces are also included, currently occupied. The building has been meticulously maintained and improved, featuring a large steel-framed back porch. The strong 6.50% capitalization rate, based on a net operating income (NOI) of $216,148, and an asking price of $3,300,000, makes this a highly attractive investment. Its prime location offers convenient access to public transportation, including the CTA Red Line and Halsted bus routes, and the I-90/94 expressway, providing easy access to downtown Chicago (a 15-minute commute via public transit). This turnkey property is ready for a new owner to capitalize on its inherent value and strong rental potential. The Cook County Assessor's Property Identification Number (APN) is 14-33-302-002-0000.

Highlights

  • Exceptional mixed-use property in Chicago's Lincoln Park neighborhood.
  • 11,000 square foot, three-story building (built 1910), zoned B1-3.
  • Five large apartments, including a four-bedroom coach house with a three-car heated garage.
  • Two occupied retail spaces.
  • 6.50% capitalization rate, $216,148 NOI, $3,300,000 asking price.
  • Prime location near CTA Red Line, Halsted bus routes, and I-90/94.

Property Details for 651 Armitage Ave

Property type
Retail properties, Office properties
Square Feet
11,000 SF
Class
C
Year Built
1910
Stories
3

Location Insight

City
Chicago
County
Cook
State
Illinois
Latitude
41.9180394
Longitude
-87.6457336
651 Armitage Ave, Chicago, Illinois

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651 Armitage Ave
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