For Sale
$472,500

2933 Southport AveChicago, IL 60657

Three spaces, prime Lake View location.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional mixed-use property, located at 2933-2937 N Southport Ave in Chicago's vibrant Lake View neighborhood, presents a unique investment opportunity. The building, completed in 2023, boasts three commercial spaces totaling 1,930 net rentable square feet, currently operating at 100% occupancy with a strong NOI of $46,976 (pro-forma NOI of $50,054). Each of the three units is ideally suited for a variety of uses, including executive office space, restaurants, or storefronts, benefiting from large storefront windows providing ample natural light. The property features a modern finish, including updated heating and plumbing systems. Situated on a 7,405 square foot lot, this Class A building is zoned B-3, offering flexibility for various business types. The asking price is $472,500, representing a compelling cap rate of 9.94% (pro-forma 10.59%) and a price per square foot of $244.82. The current lease is a NNN multi-tenancy agreement with one year remaining. This property enjoys a highly desirable location, within a 10-minute walk of numerous amenities including Fox Trot, Whole Foods, Dom's, Burley School, Soul Cycle, two 'L' train stops, Lincoln Park, Schubas Tavern, Masonic Medical Center, and Hamlin Park, ensuring high foot traffic and visibility. This is a rare opportunity to acquire a brand-new, multi-unit commercial property in a thriving Chicago neighborhood.

Highlights

  • $472,500 asking price for a 1,930 sq ft mixed-use property in Chicago, IL.
  • Class A, three-unit building with 100% occupancy.
  • NNN lease type with a one-year remaining lease term.
  • $244.82 price per square foot, 9.94% cap rate, and 10.59% pro-forma cap rate.
  • $46,976 NOI and $50,054 pro-forma NOI.
  • Located at 2933 N Southport Ave, Chicago, IL 60657, in the Lake View neighborhood.

Property Details for 2933 Southport Ave

Property type
Specialty properties, Retail properties
Square Feet
1,930 SF
Class
A
Year Built
2023
Stories
3
Units
3

Location Insight

City
Chicago
County
Cook
State
Illinois
Latitude
42.0146895
Longitude
-87.6764274
2933 Southport Ave, Chicago, Illinois

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2933 Southport Ave
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