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Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12476091
Year Built 1904
Annual Tax Amount $20,973
Tax Year 2023
Lot Dimensions 29246
Property Sub-Type Mixed Use
Property Description
HUGE VALUE-ADD OPPORTUNITY - Come check out this ICONIC mixed-use, value-add 12 unit building in Chicago's incredible East Beverly neighborhood! This all-brick, beautiful building was built in 1904 and contains 6 retail storefronts on the main floor and 6 residential apartments on the 2nd floor. Sitting on one of Beverly's main thoroughfares - 103rd street, this property provides retail owners a ton of vehicle and foot traffic to bring in business. Both the apartments and storefronts have been easy to rent quickly with little to no marketing effort. The property sits on a giant lot with a massive garage to the South of the main building. This area provides a ton of opportunity to the new buyer potentially for the addition of more units, storage or covered / enclosed garage space to generate additional revenue. Rents are currently way under market with plenty of room for increases with efficient management. The back of the building is also currently used as a small gathering spot for the tenants to relax, play and / or bbq. All tenants have central HVAC for heating and cooling which was upgraded in the early 2000s. Roofs have been resealed in the past 5 years. Over a dozen parking spots in the rear of the building as well. Currently priced at over an 8 CAP but with better management and getting rents to market this could easily be a 10+ CAP building. This property has unlimited potential and upside with the right plan. Schedule a showing today!
Location
State IL
County Cook
Area Chi - Beverly
Interior
Cooling Central Air
Flooring Wood
Fireplace N
Building
Dwelling Type Mixed Use
Structure Type Brick
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Listed by Andrew Dorazio of Dorazio Real Estate LLC