1850 Webster AveChicago, IL 60614

Property Details for 1850 Webster Ave

Year built

1997

Lot size

1.19 AC

Property size (Sq ft)

9,037 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a fee-simple interest in a 9,037 square foot retail building located at 1850 W Webster Ave, Chicago, IL 60614. The property, fully renovated in 2023, sits on a 1.19-acre lot and boasts a strong 8.25% cap rate with a Net Lease structure. Currently occupied by Village Dispensary under a 10-year lease (commencing July 1, 2023, and expiring June 30, 2033), offering approximately 8.6 years of remaining lease term. The lease includes annual rent bumps of 2% and two 5-year renewal options. The tenant, Village Dispensary, is backed by a publicly traded entity, providing significant financial stability. The property features 44 parking spaces and future plans for a drive-thru, adding to its already impressive value. Built in 1997, this prime location in Lincoln Park benefits from high visibility, a dense, affluent population, and significant daytime traffic. The substantial $2.5 million renovation included a complete gut remodel. The property's strong financials, long-term lease, and prime location make it an ideal investment for discerning buyers. The Net Operating Income (NOI) is $583,440. The asking price is $7,072,000.

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.922

Longitude

-87.6755

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