6319 Vernon AveChicago, IL 60637

Property Details for 6319 Vernon Ave

Year built

1908

Lot size

0.28 AC

Property size (Sq ft)

23,800 SF

Property type

Retail space

APN

20-22-201-008

APU

2022201008

Description

This exceptional redevelopment opportunity presents a 25,000-square-foot vacant retail building situated on a 43,750-square-foot lot in Chicago's vibrant 60637 zip code. The property, built in 1908, features a single-story structure with two units, ideal for a variety of uses including grocery, QSR, or restaurant concepts. The building boasts a 10-year-old roof, a six-year-old hot water heater, and two HVAC units approximately 10 years old. Included in the sale is an expansive 18,750-square-foot parking lot across the street, providing ample space for customers and employees. The interior features a walk-in freezer and a walk-in cooler (compressor needs replacement). Existing infrastructure includes a setup for a meat department (compressors also need replacement). The property is currently vacant, offering a blank canvas for a creative vision. The Class C building operates under a NNN lease type. Annual property taxes are $41,967.69. This is a single-tenant redevelopment opportunity with significant potential for a savvy investor. The property's location and size make it an attractive investment in a growing market. Don't miss this chance to acquire a prime retail space in a desirable Chicago neighborhood.

• CAP approach

  CAP return

  Valuation

  6%

  $11,243,503

  6.5%

  $10,378,618

  7%

  $9,637,289

• Comparable approach

  Method

  Valuation

  Relative Method

  $7,811,874

  Geo Method

  $7,811,874

• Alternative Use

  Use

  Valuation

  Residential

  $8,754,753

  Hospitality

  $8,019,306

  Educational

  $6,671,969

  Medical

  $6,901,428

  Retail

  $10,378,618

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.7797

Longitude

-87.6141

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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