TOD Covered Land Play

5951-5965 N Clark Chicago, IL 60660

5951-5965 N Clark, Chicago, IL, 60660
5951-5965 N Clark, Chicago, IL, 60660
FOR SALE
Property Type:
Street Retail
Amount:
$2,200,000
Last Verified:
Jun 28, 2023

Highlights


Description

Investment Summary
SVN Chicago Commercial, as the Exclusive Listing Broker, is pleased to present the opportunity to acquire 5951-5969 N Clark Street, the “Property”), an ±18,000 square foot covered land development opportunity located in Chicago, Illinois. Positioned along the east side of Clark Street, the Property has access to multiple forms of public transportation and arterial roads offering easy access to downtown Chicago, and the North Shore suburbs. The proximity to these various forms of public transportation makes the location eligible for the City of Chicago's Equitable Transit-Oriented development sites (ETOD).
The Property is also immediately adjacent to Senn Park, providing tennis and basketball courts, tot lots, artificial surface soccer fields, and the tree-lined Edgewater Glen neighborhood.

The Property is located one mile from Lake Michigan, two blocks north of the Andersonville retail corridor and 4 blocks west of Edgewater’s Broadway, and one mile from Loyola University’s Chicago Campus.

Quality of life, pedestrian-friendly streets, and a diverse real estate market make the area one of the most coveted local markets in Chicago.

The Property consists of two separate parcels containing a total land area of 17,993 SF of land improved with single-story buildings containing approximately 16,615 SF, in two separate but contiguous retail buildings. The 5951 N Clark parcel totals 5,357 SF improved with a 5,249 SF masonry building with steel roof joist construction. The building is leased to EKF Martial Arts and appears to be in very good condition. There is also an advertising billboard sign leased to Clear Channel atop the building. The 5957-5969 N Clark Street building contains 11,448 square feet of retail space on 12,636 of land. The current gross income is approximately $152,000 and all of the leases are short-term or have termination clauses.

The property is located in Chicago’s 48th Ward and is currently zoned C1-2.

The Property is located adjacent to the residential Edgewater Glen neighborhood and is less than one-half mile north of Andersonville’s retail corridor and a 1/4 mile from the soon-to-open Metra Station at Peterson and Ravenswood. Bounded to the south and east by Senn Park, the Property provides direct access to tennis courts, basketball courts, tot lots, and an artificial surface soccer field. The area includes a diverse mix of local, regional, and national retailers. Grocery stores within a short walk of the Property include Whole Foods, Edgewater Produce, Jewel, and a planned Trader Joe's in the heart of Andersonville. Abundant dining options include local stalwarts Hopleaf, Anteprima, Calo, M Henry, and Big Jones together with newcomers, Parsons Chicken, Pizza Lobo, and Penelope’s Vegan Tacos.

Building Size: 16615sq ft
Lot Size: 0.41 acres


Documents

SVN - Brochure (P)

Map of 5951-5965 N Clark, Chicago, IL, 60660

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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.