1428 Cleveland AveChicago, IL 60610

Property Details for 1428 Cleveland Ave

Year built

1878

Lot size

0.07 AC

Property size (Sq ft)

1,600 SF

Property type

Mixed-use properties

Property subtype

Retail residential properties

APN

17-04-122-042

APU

1704122042

Description

Exceptional investment opportunity in Chicago's Old Town neighborhood presents a unique blend of commercial and residential real estate. This stunning three-story, 4,000 square foot brick and limestone building, constructed in 2016, operates as a highly successful Airbnb/Bed and Breakfast with a City of Chicago-approved license. Generating approximately $520,000 in annual revenue, the property boasts eight en-suite bedrooms, providing ample accommodation for guests. The main level features 10-foot ceilings, wide-plank hardwood floors, a powder room, a living room fireplace, a separate dining room, and a chef's kitchen complete with stainless steel appliances including two dishwashers, double ovens, a six-burner cooktop, a large refrigerator/freezer, an ice maker, a farmer's sink and prep sink, stone countertops, and a large island with seating. A spacious family room with a fireplace opens onto a large deck. The second and third floors mirror this layout. A finished walk-out basement adds two more en-suite bedrooms. Outdoor amenities are exceptional, including multiple balconies and a massive 69x18 foot rooftop terrace with a second kitchen and breathtaking panoramic city views. The property's prime location offers easy access to Lincoln Park, the zoo, beaches, shopping, and restaurants. Nearby schools include Catherine Cook, Franklin, British International, LaSalle Language, St. Ignatius, and Latin. This property presents a rare opportunity to acquire a high-performing, fully furnished business with significant upside potential, or alternatively, utilize it as a large single-family home. Asking price is $2,995,000.

• CAP approach

  CAP return

  Valuation

  6%

  $637,601

  6.5%

  $588,555

  7%

  $546,515

• Comparable approach

  Method

  Valuation

  Relative Method

  $323,020

  Geo Method

  $323,020

• Alternative Use

  Use

  Valuation

  Residential

  $588,555

  Hospitality

  $539,113

  Educational

  $448,536

  Medical

  $463,962

  Retail

  $697,722

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.9084

Longitude

-87.6413

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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