Ravenswood Mixed-Use Investment
1954 W Montrose Ave, Chicago, IL 60613
Eleven-unit, fully renovated mixed-use building in desirable Ravenswood neighborhood.
Type:Mixed Use
- Added:
- Feb 9, 2024
- Days on Market:
- 841
- Last Refresh:
- May 12 at 8:40 pm
Property Features for 1954 W Montrose Ave
General Information
- Standard status
- Active
- Property subtype
- Mixed Use
Building Details
- Year Built
- 1914
Listing agent Steven Livaditis License #IL
Listing office Essex Realty Group
Listing date Feb 9, 2024
Source Crexi
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All listing content including descriptions, pricing, images are the copyrighted material of Essex Realty Group
HighLights
- Fully renovated mixed‑use building with luxury apartments and leased commercial units in the desirable Ravenswood neighborhood.
- Highly passive investment with net‑leased commercial tenants and CAM expense pass‑through, minimizing operating expenses.
- Updated residential units feature gourmet kitchens, modern bathrooms, individual HVAC, hot water tanks, and in‑unit laundry.
- Prime location steps from the Montrose Brown Line Station, providing easy access to downtown Chicago.
- Stable, long‑term commercial tenants, including Ravenwood Fitness and Farm Bar, creating an iconic and recognizable corner.
- Assumable debt available at 4.625%.
Overview
Located in the highly desirable Ravenswood neighborhood of Chicago, Illinois, the property at 1954-70 W. Montrose Ave. is an eleven-unit, fully renovated, mixed-use building. It comprises luxury apartments and fully leased commercial units. The unit mix consists of two three-bedroom / two-bath units, one large studio, and eight street-level commercial units leased to four tenants. These tenants occupy the corner of Montrose Ave. and Damen Ave. The updated residential units feature gourmet kitchens, modern bathrooms, individual HVAC units, domestic hot water tanks, and in-unit laundry. Each unit also has its own private patio area. Retail tenants include Ravenwood Fitness and Farm Bar. Most of the commercial tenants are on net leases, and the majority of the building’s expenses are passed through CAM to the tenants. The Montrose Brown Line Station is just a few steps from the property, providing tenants easy access to downtown Chicago. The property is an iconic and highly recognizable corner in Ravenswood.
Location Intelligence
Current Use by Public Records
Retail space
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.678561
- Latitude
- 41.9616693
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Eleven-unit, fully renovated mixed-use building in desirable Ravenswood neighborhood.
Where is this mixed-use property located?
The property is located at 1954 W Montrose Ave Chicago, IL.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: Fully renovated mixed‑use building with luxury apartments and leased commercial units in the desirable Ravenswood neighborhood.; Highly passive investment with net‑leased commercial tenants and CAM expense pass‑through, minimizing operating expenses.; Updated residential units feature **gourmet kitchens, modern bathrooms, individual HVAC, hot water tanks, and in‑unit laundry.**
