1821 Berteau AveChicago, IL 60613

Property Details for 1821 Berteau Ave

Year built

1919

Lot size

0.14 AC

Property size (Sq ft)

5,900 SF

Property type

Retail space

Property subtype

Storefront properties

APN

14-18-412-011

APU

1418412011

Description

This exceptional 18,723-square-foot executive office building, located at 1821 W Berteau Ave in Chicago's desirable Ravenswood neighborhood, presents a unique investment opportunity. Built in 1919 and completely renovated in 2009, this three-story Class B building boasts a modern interior while retaining its character. Currently vacant, the space is ideally suited for a single tenant, featuring loft offices on the first floor and climate-controlled office/production space on the upper two floors. The property benefits from a passenger elevator, video security system, high-tech dry fire suppression systems (second and third floors), one overhead door/exterior dock, and four 400-amp electric service lines. The building's RS-3 zoning, while grandfathered for existing office use, also presents potential for residential redevelopment in this strong residential market. A newer roof (less than 10 years old) and HVAC system further enhance its value. Its convenient location, just blocks from the Montrose and Irving Park Brown Line "L" stations, less than two miles from Lake Shore Drive, and under three miles from I-90/94, provides excellent accessibility. The surrounding area offers a wealth of amenities, including numerous retailers such as Jewel-Osco, Walgreens, CVS, and various restaurants. Proximity to Lake View High School and Wrigley Field adds to its appeal. This property offers a compelling combination of location, functionality, and redevelopment potential.

• CAP approach

  CAP return

  Valuation

  6%

  $2,610,716

  6.5%

  $2,409,892

  7%

  $2,237,757

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,936,557

  Geo Method

  $1,936,557

• Alternative Use

  Use

  Valuation

  Residential

  $2,032,834

  Hospitality

  $1,862,065

  Educational

  $1,549,216

  Medical

  $1,602,496

  Retail

  $2,409,892

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.9576

Longitude

-87.6752

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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