3227 W Montrose Ave Chicago, IL 60618
Fully leased retail condo with value-add potential in Chicago.
Property size:
4,000 SFLot size:
0.12 AcresProperty Features for 3227 W Montrose Ave
General Information
- Size
- 4,000 SF
- Lot size
- 0.12 Acres
Source:
Moodyscre
Listing Agent: Randolph Taylor
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Leased Retail Condo in Albany Park
Located in Chicago’s Albany Park neighborhood, this property features a ground-floor retail condominium of approximately 4,000 square feet. The property is situated along Montrose Avenue, a high-traffic retail corridor experiencing over 21,000 vehicles per day. The retail condo comprises six fully leased storefronts within a mixed-use building, occupied by a mix of local service, food, and professional tenants. Several tenants operate under month-to-month or short-term leases. Current rents average approximately $20 per square foot, while nearby market rates are approaching $28 per square foot. The location benefits from a dense surrounding residential population and proximity to CTA bus routes and the Brown Line. Retail vacancy in the surrounding submarket is 3.1% The property is suitable for investors seeking stabilized income with upside potential.
Location Intelligence
Current Use by Public Records
Retail space
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.70937
- Latitude
- 41.96112
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FAQs
What type of property is this?
Retail space - Fully leased retail condo with value-add potential in Chicago.
Where is this retail space located?
The property is located at 3227 W Montrose Ave Chicago, IL.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: - Value-add opportunity: Current rents average $20/SF, while market rents are approaching $28/SF.; - Fully leased: Six storefronts provide stabilized income with a mix of service, food, and professional tenants.; - Flexible leases: Month-to-month and short-term leases allow for near-term repositioning and rent increases.
