1059 Wrightwood AveChicago, IL 60614

Property Details for 1059 Wrightwood Ave

Year built

1883

Construction

FRAME

Lot size

0.08 AC

Property size (Sq ft)

4,235 SF

Property type

Residential income properties

Property subtype

Residential income homes

APN

14-29-415-001

APU

1429415001

Description

This exceptional three-unit mixed-use building in Chicago's desirable Lincoln Park neighborhood presents a compelling investment opportunity. The property, located at 1059 W Wrightwood Ave, boasts a prime corner lot (30x125 ft) zoned RT-4, and includes a thriving tavern (Tapster) with a permanently affixed license, and two upscale duplex apartments. The tavern lease, expiring June 2027 with a five-year renewal option, features a 2.5% annual rent increase and a modified gross lease structure where the tenant covers proportional increases in real estate taxes and insurance beyond 2018 base year rates, as well as all mechanicals in their space and snow removal. The apartments, a 3-bed/2-bath and a 2-bed/2-bath, command monthly rents of $2700 each, with leases expiring in April 2025 and September 2025 respectively, offering significant upside potential. Recent renovations (2007 and 2021) have ensured modern amenities, including updated furnaces (2 months and 2 years old) and newer AC condensers (2017 or newer). The property's strong financial performance is reflected in a current NOI of $92,631 and a pro-forma NOI of $109,431, yielding a 5.79% cap rate and a pro-forma cap rate of 6.84%. 2022 operating expenses included $21,597 in taxes, $11,412 in insurance (potentially lower with re-shopping), and $1200 in water (with the tenant covering overages). Tenants are responsible for heat and gas. The building's location near Jonquil Park and DePaul University, coupled with recent developments in the area, ensures strong tenant demand and long-term value appreciation. The asking price is $1,599,000.

• CAP approach

  CAP return

  Valuation

  6%

  $1,687,650

  6.5%

  $1,557,831

  7%

  $1,446,557

• Comparable approach

  Method

  Valuation

  Relative Method

  $854,994

  Geo Method

  $854,994

• Alternative Use

  Use

  Valuation

  Residential

  $1,557,831

  Hospitality

  $1,426,965

  Educational

  $1,187,218

  Medical

  $1,228,048

  Retail

  $1,846,784

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.9287

Longitude

-87.656

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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