2414 71St StChicago, IL 60629

Property Details for 2414 71St St

Year built

1958

Lot size

0.07 AC

Property size (Sq ft)

1,500 SF

Property type

Retail space

APN

19-24-428-019

APU

1924428019

Description

This exceptional Chicago retail property, located at 2414 W 71st St, offers a compelling investment opportunity. The 5,400 square foot, single-story building, constructed in 1958, sits on five separate city lots (with individual PINs: 19244280190000, 19244280180000, 19244280170000, 19244280160000, 19244280150000) and is zoned COMM. The property comprises four storefronts. Two units are currently generating rental income: a restaurant (2414) producing $1500 monthly and a barber shop (2418) with a 30-year history generating $1000 monthly. A vacant 1,000 square foot former liquor store (2416) is also available. Units 2422-2424 (3,000 sq ft) require complete renovation following fire damage; they are currently gutted and need a new roof and interior. The asking price is $349,900, translating to $58.32 per square foot. This property presents significant potential for value appreciation and rental income growth in the vibrant Marquette Park commercial strip. The all-brick construction adds to its durability and curb appeal. This is an ideal investment for those seeking a multi-unit retail property with a mix of income-generating and value-add opportunities.

• CAP approach

  CAP return

  Valuation

  6%

  $708,624

  6.5%

  $654,115

  7%

  $607,392

• Comparable approach

  Method

  Valuation

  Relative Method

  $492,345

  Geo Method

  $492,345

• Alternative Use

  Use

  Valuation

  Residential

  $551,770

  Hospitality

  $505,418

  Educational

  $420,502

  Medical

  $434,964

  Retail

  $654,115

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.765

Longitude

-87.684

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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