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Leased Commercial Space with Apartment

1964 W Lawrence Avenue, Chicago, IL 60640

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For Sale

$829,000

Fully leased commercial space with renovated apartment near transportation.

Type:Commercial

Property size:

3,200 SF

Price / SF:

$259/SF

HighLights

Fully leased commercial space (3200 sf) with existing kitchen including black iron, 16 ft. hood, two walk‑in coolers, and three‑compartment sink.
Recently renovated 3BD/1BA apartment with long‑term tenants and rear outdoor patio.
Prime location surrounded by new development, including Devry's new campus and luxury residential units.
Excellent transportation access: 0.2 miles to Damen Brown Line CTA & Ravenswood Metra, multiple bus stops, Divvy stations, and close to Lake Shore Drive.
Large front windows, dining area, and two ADA bathrooms with double stalls in the commercial space.
Building runs lot line to lot line, providing ample space.

We can help!

Contact an agent

DYLAN CARRIGAN

For Sale

$829,000

Fully leased commercial space with renovated apartment near transportation.

Type:Commercial

Property size:

3,200 SF

Price / SF:

$259/SF

Added:: Jan 13, 2025
Days on Market:: 538
Last Refresh:: Apr 5 at 9:07 pm

Property Features for 1964 W Lawrence Avenue

General Information

Standard status: Active
Size: 3,200 SF
Property subtype: Commercial

Building Details

Year Built: 1908

We can help!

Contact an agent

DYLAN CARRIGAN

Listing office @PROPERTIES COMMERCIAL

Listing date Jan 13, 2025

Source Corcoran

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 COMMERCIAL

HighLights

Fully leased commercial space (3200 sf) with existing kitchen including black iron, 16 ft. hood, two walk‑in coolers, and three‑compartment sink.
Recently renovated 3BD/1BA apartment with long‑term tenants and rear outdoor patio.
Prime location surrounded by new development, including Devry's new campus and luxury residential units.
Excellent transportation access: 0.2 miles to Damen Brown Line CTA & Ravenswood Metra, multiple bus stops, Divvy stations, and close to Lake Shore Drive.
Large front windows, dining area, and two ADA bathrooms with double stalls in the commercial space.
Building runs lot line to lot line, providing ample space.

Overview

This mixed-use property features a fully leased commercial space of 3200 square feet. The existing kitchen includes black iron, a 16 ft hood, two walk-in coolers, and a three-compartment sink. There is ample storage space, and the entire back room can be converted into a cooler for wholesale work or large prep. The dining area includes two ADA bathrooms with double stalls and large front windows. The recently renovated second level contains a large 3-bedroom, 1-bathroom apartment with long-term tenants and a rear outdoor patio. The building runs lot line to lot line. The property is located on Lawrence, just east of Damen, and is surrounded by new development, including Devry's new campus and numerous new, luxury residential units. It is situated 0.2 miles from the Damen Brown Line CTA Station and 0.2 miles from the Ravenswood Metra Station, with multiple bus stops and Divvy stations nearby, as well as close access to Lake Shore Drive. Area tenants include Goundswell Coffee Roasters, CVS, Wendy's, Rock N Roll Vintage Chicago Guitar Shop, Chase Bank, Mariano's, and Sears Auto Center.

Local Financial Insights For Specialty Retail

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$84.5k	$26.40
− Vacancy	−$5.1k	−$1.58
EGI	$79.4k	$24.82
− OpEx	−$19.9k	−$6.20
NOI	$59.6k	$18.61

3,200 SF · lease $26.40/SF/yr · vacancy 6.00% · expense 25.00%

Alternative Uses

Best Use

Specialty Retail

$850.8K

$744.5K – $992.6K (±1% cap)

NOI $59,558 @ 7.0% cap · market cap 7.18%

Second Best

Mixed Use

$771.4K

$675.0K – $900.0K (±1% cap)

NOI $54,000 @ 7.0% cap · market cap 6.51%

Theoretical Best

Office A

$1.51M

$1.32M – $1.76M (±1% cap)

NOI $105,615 @ 7.0% cap · market cap 12.74%

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

Property Profile Location Intelligence

Current Use by Public Records

Sweet Moon Bakery Chicago Kitchen Remodeler ... Hardware & Home Improvement

Suggested Use

Location Insight

Map
Local Demand

City: Chicago
County: Cook
State: Illinois
Longitude: -87.6787
Latitude: 41.969

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For sale
Mixed-use properties
IL
Chicago
60640
1964 W Lawrence Avenue

What type of property is this?

Mixed-use property - Fully leased commercial space with renovated apartment near transportation.

Where is this mixed-use property located?

The property is located at 1964 W Lawrence Avenue Chicago, IL.

What is the asking price?

The asking price for this property is $829,000.

What are key features of this property?

This property features: Fully leased commercial space (3200 sf) with existing kitchen including black iron, 16 ft. hood, two walk‑in coolers, and three‑compartment sink.; Recently renovated 3BD/1BA apartment with long‑term tenants and rear outdoor patio.; Prime location surrounded by new development, including Devry's new campus and luxury residential units.