1015 Western AveChicago, IL 60612

Property Details for 1015 Western Ave

Year built

1917

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.06 AC

Property size (Sq ft)

5,451 SF

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

17-06-312-002

APU

1706312002

Description

This 700-square-foot retail condo, located at 1015 S Western Ave, Suite #1 in Chicago's Tri-Taylor neighborhood, presents a unique owner-user opportunity. Built in 2003, this vacant unit is situated on a high-traffic street (over 25,000 vehicles daily) and benefits from its ground-floor location with large display windows. The C2-3 zoning allows for diverse business uses, including medical offices, storefronts, and traditional offices. The property features one unit within a four-story building, offering 700 square feet of net rentable space on a 7,576-square-foot lot. Its prime location near the Illinois Medical District and Little Italy ensures high foot traffic from residents, medical professionals, and visitors. Excellent accessibility is provided by proximity to the I-290 expressway, the Western Blue Line CTA station, and multiple bus routes. The asking price is $130,000, and the property is available for occupancy on October 31, 2024. This fee-simple ownership offers a blend of visibility, accessibility, and the energy of a thriving urban area, making it an ideal investment for entrepreneurs seeking a strong presence in a growing Chicago neighborhood. The building itself is a Class B property.

• CAP approach

  CAP return

  Valuation

  6%

  $2,172,227

  6.5%

  $2,005,133

  7%

  $1,861,909

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,100,489

  Geo Method

  $1,100,489

• Alternative Use

  Use

  Valuation

  Residential

  $2,005,133

  Hospitality

  $1,836,691

  Educational

  $1,528,105

  Medical

  $1,580,659

  Retail

  $2,377,052

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.8998

Longitude

-87.6866

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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