2329 Belmont AveChicago, IL 60618

Property Details for 2329 Belmont Ave

Year built

1895

Lot size

0.11 AC

Property size (Sq ft)

6,750 SF

Property type

Retail properties

Property subtype

Mixed-use properties

Description

This exceptional mixed-use property at 2329 W Belmont Avenue in Chicago, IL, offers a compelling investment opportunity. The two-story, 6,750 square foot building sits on a 0.11-acre lot and boasts a 7.94% cap rate with a strong NOI of $101,285. Currently 100% occupied, the property features two ground-floor retail storefronts and two upper-level, two-bedroom/one-bathroom residential units. The retail spaces are leased to Fonseca Martial Arts (1,250 sq ft, 3 years remaining + 1, 5-year option) and Urban Grind (2,850 sq ft + 1,435 sq ft basement, 5-year lease + 3, 1-year options). The residential units are individually metered for utilities and highly desirable due to their location. Built in 1895, the building benefits from significant recent area development, including a new 7-Eleven and retail strip center, and enjoys high traffic counts (over 15,100 vehicles daily on Belmont Avenue, plus 35,800+ at the adjacent intersection). The property's prime location in Roscoe Village, just 1.1 miles from the Paulina "L" station and close to major expressways, offers convenient access to public transportation and a wealth of amenities. The strong demographics, with over 44,700 people within a 1-mile radius and an average household income exceeding $218,879, further enhance the investment potential. The current leases include rent bumps, and lease options provide flexibility for future income growth. This is a fee simple ownership opportunity with significant upside potential.

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.9395

Longitude

-87.6869

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