1802 Chicago AveChicago, IL 60622

Property Details for 1802 Chicago Ave

Year built

1940

Lot size

0.07 AC

Property size (Sq ft)

5,500 SF

Property type

Retail properties

Property subtype

Retail space

APN

17-06-436-021

APU

1706436021

Description

This exceptional Chicago property, located at 1802 W Chicago Ave, offers 6,000 square feet of versatile space in a 1-story, column-free bow truss building. Currently configured as a restaurant and apartment building, it presents significant redevelopment potential for mixed-use development. The 6,188 square foot lot is zoned B3-2, allowing for a variety of uses. Situated in the desirable West Town neighborhood, this property benefits from a prime location within a half-mile radius of nearly 20,000 residents with an average household income of $187,000. Its convenient location offers easy access to public transportation, including the CTA's 66 Chicago Avenue bus route, and is less than half a mile from I-90, providing excellent connectivity to major highways. The asking price for this value-add investment opportunity is $1,500,000. The property includes two APNs: 17-06-436-021-0000 & 17-06-436-020-0000. This presents a unique chance to capitalize on the vibrant West Town market and its strong demographics. The column-free design offers flexibility for various layouts and configurations, maximizing potential rental income or retail space utilization. The property's proximity to the Magnificent Mile further enhances its investment appeal.

• CAP approach

  CAP return

  Valuation

  6%

  $2,598,288

  6.5%

  $2,398,420

  7%

  $2,227,104

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,805,265

  Geo Method

  $1,805,265

• Alternative Use

  Use

  Valuation

  Residential

  $2,023,157

  Hospitality

  $1,853,201

  Educational

  $1,541,842

  Medical

  $1,594,868

  Retail

  $2,398,420

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.8963

Longitude

-87.6724

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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