Homes for sale - 2829 W Armitage AVE, Chicago, IL 60647

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$2,150,000

Est. payment - /mo

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15,600 SqFt

Active

2829 W Armitage AVE Chicago, IL 60647

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Additional details

Mario Bilotas

mario@fourdaughtersrealestate.com +1(847) 886-4663

UPDATED:

08/17/2024 08:27 AM

Key Details

Property Type Commercial

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

Square Footage 15,600 sqft

Price per Sqft $137

MLS Listing ID 11897998

Year Built 1920

Annual Tax Amount $20,580

Tax Year 2021

Lot Dimensions 50X125

Property Description

I am pleased to present a mixed-use investment opportunity located in the vibrant Logan Square neighborhood. This property boasts both financial and physical attributes, making it an attractive prospect for savvy investors and business owners seeking a strategically positioned and well-maintained asset. Property Details: - Building Size - 15,600 Square Feet; Lot Size: 5,250 Square Feet; Zoning: B3-1; Location: Corner of Armitage Ave. and Mozart St., Logan Square; Floors: Three; Composition: One commercial space and four residential units; Stabilization: 100% Stabilized. Key Highlights: Renowned Dos Urban Cantina Lease; The property includes a leased commercial space occupied by the well-established and renowned Dos Urban Cantina. This esteemed tenant brings stability to the investment and adds value to the property due to its popularity and established reputation within the community. Desirable Residential Units: The four residential units, thoughtfully designed as two units of two beds and one bath each, offer comfortable living spaces complemented by in-unit washer/dryer facilities. The residential units present a steady income stream and cater to the increasing demand for quality housing in the Logan Square neighborhood. Modern Amenities and Infrastructure: The property stands out with its contemporary features, including individual furnaces and water tanks for each unit, full HVAC systems for hot and cold forced air throughout the entire building, and copper plumbing. These modern amenities ensure tenant comfort and convenience, adding to the property's appeal. Recent Capital Improvements: Extensive capital expense investments, totaling over $275,000 dollars in 2022, demonstrate the property's commitment to maintaining its value and ensuring a hassle-free ownership experience for the future buyer. Recent updates, such as tuck-pointing and a new tear-off roof, enhance the building's structural integrity and longevity. Excellent Traffic Exposure: With an average daily traffic of 21,688 cars passing by on the corner of Armitage Ave. and Mozart St., the property enjoys significant exposure, providing ample visibility for the commercial space and increasing the potential for attracting new customers. Outdoor Deck: An existing outside deck of 500 SF adds a valuable amenity for tenants and patrons, creating an inviting space for leisure and entertainment. As a discerning investor, this commercial property presents an opportunity to capitalize on the thriving Logan Square market and its continued growth potential. I am confident that the property's prime location, versatile composition, and recent capital improvements will yield long-term benefits and a strong return on investment. Commercial Lease - Presently at a monthly rate of $8,234, it carries 3% annual increases, is responsible for 50% of the taxes for the building, and 50% of the building's water-use. Offering Memorandum / Sales Booklet - Contact Listing Agent directly to receive our offering booklet, providing detailed income, expenses, market study, financial analysis, images, demographics, maps, etc.

Location

State IL

County Cook

Area Chi - Logan Square

Interior

Cooling Central Air

Fireplace N

Building

Dwelling Type Mixed Use

Level or Stories 3

Structure Type Brick

Listed by Manuel Torrejon-Regalado • Keller Williams ONEChicago

Mario Bilotas

Managing Broker, CEO | License ID: 471016608

+1(847) 886-4663 | mario@fourdaughtersrealestate.com

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