2811 Racine AveChicago, IL 60657

Property Details for 2811 Racine Ave

Year built

1888

Lot size

0.11 AC

Property size (Sq ft)

6,725 SF

Property type

Retail properties

Property subtype

Mixed-use properties

Description

This exceptional Chicago investment opportunity encompasses a three-story, 6,725 square foot mixed-use building at 2811 N Lincoln Ave, featuring one commercial unit leased to Pup's Pet Club with a long-term lease and four 2-bedroom/1-bathroom residential units. The property also includes an adjacent 0.06-acre vacant lot at 2858 N Racine Ave, currently generating income from Spot Hero parking. The building boasts 100% occupancy and a strong NOI of $196,822, yielding a 7.61% cap rate. Scheduled rent increases on both commercial and signage leases (extending to 2040) provide built-in income growth, while below-market residential rents offer significant upside potential. The property benefits from C1-2 zoning, allowing for diverse retail uses and residential units. Its prime location on a busy stretch of Lincoln Avenue, near public transportation and with high traffic counts (over 22,000 vehicles daily), ensures strong visibility and accessibility. The strong demographics, with over 87,000 people within a 1-mile radius and an average household income exceeding $208,400, further enhance its investment appeal. The assemblage potential, including the adjacent vacant lot and a possible neighboring property acquisition, presents future development opportunities. The asking price is $2,585,000, representing a compelling value-add investment in a high-demand Chicago market. The property is fee simple ownership.

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.9328

Longitude

-87.6589

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