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Prime Corner Mixed-Use Investment

3159 W Belmont Ave, Chicago, IL

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For Sale

Contact for pricing

High-traffic corner location with long-term tenants and value-add potential.

Type:RETAIL

Property size:

18,812 SF

Lot size:

0.25 Acres

Price / SF:

$263/SF

HighLights

Prime corner location at the intersection of three major avenues (Belmont, California, and Elston) with high traffic volume.
Significant potential to increase rental income by raising rents to current market rates.
Substantial land square footage with a corner building of 18,812 square feet and an additional 4,500 square foot lot.
Diverse income streams from 7 stores, 9 apartments, and a rooftop sign.
Individual HVAC units for each apartment and store, plus private and common roof decks for tenants.
Includes a 19‑car shared parking lot.

We can help!

Contact an agent

Joyce Gallo

Learn more

For Sale

Contact for pricing

High-traffic corner location with long-term tenants and value-add potential.

Type:RETAIL

Property size:

18,812 SF

Lot size:

0.25 Acres

Price / SF:

$263/SF

Added:: Dec 17, 2024
Days on Market:: 565
Last Refresh:: May 20 at 9:16 pm

Property Features for 3159 W Belmont Ave

General Information

Standard status: Active
Size: 18,812 SF
Lot size: 0.25 Acres
Property subtype: RETAIL

We can help!

Contact an agent

Joyce Gallo

Listing office @Properties | Chicago (North)

Listing date Dec 17, 2024

Source Moodyscre

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of @Properties | Chicago (North)

HighLights

Prime corner location at the intersection of three major avenues (Belmont, California, and Elston) with high traffic volume.
Significant potential to increase rental income by raising rents to current market rates.
Substantial land square footage with a corner building of 18,812 square feet and an additional 4,500 square foot lot.
Diverse income streams from 7 stores, 9 apartments, and a rooftop sign.
Individual HVAC units for each apartment and store, plus private and common roof decks for tenants.
Includes a 19‑car shared parking lot.

Overview

Located at the intersection of Belmont, California, and Elston Avenues, this mixed-use property benefits from high daily traffic volume. The corner building has 18,812 square feet with 159 linear feet on Belmont Avenue. The property at 3173 Elston Avenue includes a 4,500 square foot lot with a 4,200 square foot one-story brick building under a triple net lease. The property features seven stores, nine apartments, and income from a rooftop sign. Each apartment and store has individual forced air conditioning and heating units. Each apartment includes a private roof deck, and there is also a common roof deck for all tenants. A shared parking lot with 19 spaces adjoins the properties. The tenants are long-term, and there is potential to increase apartment rents to current market rates. The properties are meticulously cleaned and well-kept and will be sold as is. The sale is subject to a 1031 Exchange. The same ownership has maintained the property for over 55 years. The properties will not be divided.

Local Financial Insights For Mixed Use

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$564.4k	$30.00
− Vacancy	−$56.4k	−$3.00
EGI	$507.9k	$27.00
− OpEx	−$190.5k	−$10.13
NOI	$317.5k	$16.88

18,812 SF · lease $30.00/SF/yr · vacancy 10.00% · expense 37.50%

Alternative Uses

Best Use

Mixed Use

$4.54M

$3.97M – $5.29M (±1% cap)

NOI $317,453 @ 7.0% cap · market cap 6.41%

Second Best

Apartment 5plus

$4.12M

$3.60M – $4.81M (±1% cap)

NOI $288,372 @ 7.0% cap · market cap 5.83%

Theoretical Best

Office A

$8.87M

$7.76M – $10.35M (±1% cap)

NOI $620,886 @ 7.0% cap · market cap 12.54%

Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Current Use by Public Records

Mixed-use properties

Suggested Use

Location Insight

Map
Local Demand

City: Chicago
County: Cook
State: Illinois
Longitude: -87.8024
Latitude: 41.9378

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For sale
Mixed-use properties
IL
Chicago
3159 W Belmont Ave

What type of property is this?

Mixed-use property - High-traffic corner location with long-term tenants and value-add potential.

Where is this mixed-use property located?

The property is located at 3159 W Belmont Ave Chicago, IL.

What is the asking price?

The asking price for this property is $4,950,000.

What are key features of this property?

This property features: Prime corner location at the intersection of three major avenues (Belmont, California, and Elston) with high traffic volume.; Significant potential to increase rental income by raising rents to current market rates.; Substantial land square footage with a corner building of 18,812 square feet and an additional 4,500 square foot lot.

3159 W Belmont Ave, Chicago, IL

High-traffic corner location with long-term tenants and value-add potential.

Property Features for 3159 W Belmont Ave

General Information

We can help!

HighLights

Overview

Local Financial Insights For Mixed Use

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

Renovated Chicago Industrial Flex Warehouse

Turnkey Restaurant Venue with PPA License

Turnkey Restaurant Venue with PPA License

Turnkey Restaurant Venue with Licenses

Turnkey Restaurant Opportunity in Chicago

Prime Retail Space in Chicago

Chicago Office Building with Parking

Convenience Store Retail Building with Parking

Chicago Commercial Buildings For Sale

Fulton River District Commercial Loft

Wicker Park Corner Retail Building

Corner Retail Suite in New Elevator Building

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