For Sale
$5,900,000

2954 Sheffield AveChicago, IL 60657

Chicago multi-tenant retail & medical building

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional 12,291 square foot mixed-use building in Chicago's vibrant Lakeview neighborhood presents a compelling investment opportunity. Currently 100% occupied by six diverse tenants – including a DMK Burger Bar, Fish Bar, Pure Dental Spa, UroPartners, Wellington Counseling Group, and Health Traditions – this two-story property boasts a strong, stable tenant roster with significant upside potential. Built in 1938 and renovated in 2010, the property sits on a 0.16-acre lot at 2954 N Sheffield Ave (APN: 14-29-216-030-0000) and offers a compelling 7.64% cap rate with a Net Operating Income (NOI) of $450,633. The asking price is $5,900,000, translating to $480.03 per square foot and $983,333.33 per unit. Medical tenants currently pay rents as much as 20% below market value, presenting a significant opportunity for rental increases. The property benefits from its prime location, adjacent to the Wellington CTA stop (440,000 annual riders), and exceptional demographics, with 103,000 residents within a three-mile radius boasting an average household income of $163,726. The property's strong historical performance is evidenced by a 3.6% ten-year compound annual growth rate (CAGR). This property offers a unique blend of medical and retail tenants in a high-demand location, making it an ideal acquisition for investors seeking a stable, high-performing asset with significant upside potential. The property's proximity to Wrigley Field and Advocate Masonic Medical Center further enhances its desirability.

Highlights

  • 12,291 SF mixed-use building in Chicago's Lakeview neighborhood, 100% occupied by six tenants.
  • Below-market rents with significant upside potential for medical tenants (up to 20% below market).
  • Strong historical performance, exhibiting a 3.6% 10-year compound annual growth rate (CAGR).
  • Excellent transit accessibility, adjacent to the Wellington CTA stop with over 440,000 annual riders.
  • Exceptional demographics: 103,000 residents within three miles, average household income $163,726.

Property Details for 2954 Sheffield Ave

Property type
Retail properties, Restaurants
Square Feet
12,291 SF
Year Built/Renovated
1938/2010
Buildings
1
Stories
2
Lot Size (sq. ft)
6,970 SF
Units
6

Location Insight

City
Chicago
County
Cook
State
Illinois
Latitude
41.9360565
Longitude
-87.6541473
2954 Sheffield Ave, Chicago, Illinois

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2954 Sheffield Ave
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