Mixed-Use | Residential Above Street Retail

1911, 1913 & 1919 W Chicago Ave Chicago , IL 60622

1911, 1913 & 1919 W Chicago Ave , Chicago , IL, 60622
1911, 1913 & 1919 W Chicago Ave , Chicago , IL, 60622 1911, 1913 & 1919 W Chicago Ave , Chicago , IL, 60622 1911, 1913 & 1919 W Chicago Ave , Chicago , IL, 60622 1911, 1913 & 1919 W Chicago Ave , Chicago , IL, 60622 1911, 1913 & 1919 W Chicago Ave , Chicago , IL, 60622 1911, 1913 & 1919 W Chicago Ave , Chicago , IL, 60622
FOR SALE
Property Type:
MultiFamily Apartments
Amount:
$2,887,000
Last Verified:
Aug 01, 2024

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Highlights

  • Excellent West Town location
  • Stabilized asset with a strong tenant mix, room for rent growth, and upside through further development
  • Located within the Chicago Avenue T.O.D boundaries
  • Fully occupied
  • This property is owned by an Illinois Real estate broker

Description

Three building portfolio offering on Chicago Avenue in West Town. The properties are fully occupied and include five (5) residential units and three (3) retail spaces between the three buildings. The units have been upgraded but still have value to be added through cosmetic and light construction upgrades. This ideal location is surrounded by strong neighborhood retail including Roots Pizza, West Town Bakery, and Cleo’s Bar. The property is also just two blocks from the neighborhood grocery store, Mariano’s. This property is ideal for an investor looking to enter the growing West Town/Ukrainian Village sub-market. This property is owned by an Illinois Real estate broker.

The West Town area of Chicago is bordered by Wicker Park, East Village, Noble Square and Ukrainian Village. Originally occupied by Ukrainian immigrants in the early 1900s this neighborhood has long been a stable community and has flourished in recent years. Tree-lined streets; strong housing stock and its proximity to Chicago’s downtown have made this neighborhood a favorite choice to Chicago’s residents. Online real estate website Redfin.com even named Ukrainian village the hottest neighborhood in the nation in 2016.
The West Town Retail Corridor located on Chicago Avenue is the main retail corridor in the neighborhood. Many retail stores restaurants and service retail businesses operate on Chicago Avenue which contributes to the desirability and charm of the neighborhood. Chicago Avenue is proving to be a dining destination with one restaurant Vajra added to the 2021 Michelin Bib Gourmand list and newcomer Porto receiving one Michelin Star.

Building Size: 12173sq ft
Lot Size: 0 acres

Map of 1911, 1913 & 1919 W Chicago Ave , Chicago , IL, 60622

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.