1144-1148 W. Wilson, Uptown, Chicago, IL 60640

1144-1148 W. Wilson Chicago, IL 60640

1144-1148 W. Wilson, Chicago, IL, 60640
1144-1148 W. Wilson, Chicago, IL, 60640
FOR SALE FOR LEASE
Property Type:
Street Retail
Amount:
$735,000
Last Verified:
Mar 11, 2021

Highlights


Description

Colliers International has been exclusively retained to market for sale the ground floor commercial condos located at 1144-48 Wilson Avenue in Chicago, IL. The Offering consists of two (2) ground floor commercial condos with parking on a signalized intersection totaling 2,400 SF and is anchored by Jimmy John’. Jimmy John’s recently executed a 5-year lease extension and the remaining space allows an investor or user to add significant value to the property. Jimmy John's 5-year lease extension is $30,000 per year with 2% annual increases. Unit 1144 W. Wilson is approx. 1,200 SF and available for immediate occupancy.

Located at the base of a 12-unit apartment complex, the Uptown neighborhood and Truman College provide an excellent customer base for the ground floor commercial condos. More than 1,100 units will have been delivered to this neighborhood within a 24-month period, demonstrating the explosive growth to this neighborhood of Chicago.

Situated in the Uptown Theater District, the property is across from Truman College with an enrollment of more than 19,000 students. The property is just steps to the Wilson Red Line stop that caters to a mass-transit customer base, providing significant foot traffic in front of the property. The NEW CTA Wilson Red Line ‘L’ station serves over 2 MILLION riders annually and the CTA #36 Broadway/Wilson bus route with over 4 MILLION total riders annually.

Colliers International has been exclusively retained to market for sale the ground floor commercial condos located at 1144-48 Wilson Avenue in Chicago, IL. The Offering consists of two (2) ground floor commercial condos with parking on a signalized intersection totaling 2,400 SF and is anchored by Jimmy John’s. Jimmy John’s recently executed a 5-year lease extension and the remaining space allows an investor or user to add significant value to the property. Jimmy John's 5-year lease extension is $30,000+ per year with 2% annual increases. Unit 1144 W. Wilson is approx. 1,200 SF and available for immediate occupancy.

Located at the base of a 12-unit apartment complex, the Uptown neighborhood and Truman College provide an excellent customer base for the ground floor commercial condos. More than 1,100 units will have been delivered to this neighborhood within a 24-month period, demonstrating the explosive growth to this neighborhood of Chicago.

Situated in the Uptown Theater District, the property is across from Truman College with an enrollment of more than 19,000 students. The property is just steps to the Wilson Red Line stop that caters to a mass-transit customer base, providing significant foot traffic in front of the property. The NEW CTA Wilson Red Line ‘L’ station serves over 2 MILLION riders annually and the CTA #36 Broadway/Wilson bus route with over 4 MILLION total riders annually.

Historically a very popular tourist destination, the Uptown Entertainment District is home to various music venues, nightclubs, restaurants and shops. The Uptown Entertainment District is now experiencing a revival, with new restaurants and shops opening every year. Uptown Square, at the center of the Uptown Entertainment District, was designated as a National Historic District on the National Register of Historic Places in 2000. Uptown is a laid-back residential area on Chicago’s Far North Side. North Broadway is known for its trendy cafes, jazz lounges and bars.


Year Built: 2006
Building Size: 2400sq ft
Lot Size: 0 acres

Units for Lease

1144 Wilson
Space Available: 1200 SF
Lease Type: NNN

Price Per Sqft/Year: $24.0

Map of 1144-1148 W. Wilson, Chicago, IL, 60640

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.