Mixed-Use Redevelopment
For Sale
$6,500,000
2135-47 W Armitage Avenue Chicago, Chicago, IL 60647
Redevelopment site with six existing buildings, 144 feet of frontage, and outdoor parking for 5 cars or 2 trucks.
Property Size23,632 SF
Lot Size0.33 Acres
Price / SF$275.05
Days on Market111
Property Features for 2135-47 W Armitage Avenue Chicago
General Information
Standard status
Active
Size
23,632 SF
Total Parking Spaces
5
Lot size
0.33 Acres
Property subtype
Mixed Use
Zoning
COMMR
Site & Location
Neighborhood
Bucktown
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$72,019
Amenities
City Street,Public Road,State Road
144X101
Brick/Mortar,Concrete Perimeter
Building Details
Year Built
1908
Stories
1
Tenancy
Multi
Listed By:
Jerrell Dantzler · License #475156855
(815) 469-7449
Source:
Realpeoplerealty
Added: Jul 14
Changed: Oct 31
Last Checked: Oct 7 at 9:55AM
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 Jerrell Dantzler
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Investment Insights
Based on property information with market context.
This mixed-use redevelopment site includes six separate buildings with approximately 23,632 square feet of existing space across 2135-2147 W. Armitage Ave. The property has 144 feet of frontage on W. Armitage Ave and a total land area of 14,400 square feet. Building mix consists of a 3-story commercial mixed-use building at 2135, a 1-story commercial structure at 2137, 2-story mixed-use properties at 2139 and 2147, a partial 2-story commercial building at 2141, and a 2-story commercial property at 2145.
Zoning is RT-4 for 2135, 2137, 2139, and 2147, and C1-2 for 2141 and 2145. The site is located less than 2 blocks from the intersection of Armitage and Damen. Current operations include a USDA chicken processing and retail business, along with masonry 2-3 flats. Outdoor parking is available for 5 cars or 2 trucks.
Zoning is RT-4 for 2135, 2137, 2139, and 2147, and C1-2 for 2141 and 2145. The site is located less than 2 blocks from the intersection of Armitage and Damen. Current operations include a USDA chicken processing and retail business, along with masonry 2-3 flats. Outdoor parking is available for 5 cars or 2 trucks.
Key Highlights
- Redevelopment site with six existing buildings across 2135‑2147 W. Armitage Ave
- 144 ft frontage on Armitage Ave with 14,400 SF lot size (144x101)
- Approximately 23,632 SF existing building space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$398,790
Cap Rate
6.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,975,800
$8.0M
Cap Rate 7%
$5,697,000
$5.7M
Cap Rate 9%
$4,431,000
$4.4M
Market Conditions
NOI Build-Up for 23,632 SF
Gross rent
$709.0K $30.00/SF
− Vacancy
−$70.9K −$3.00/SF
EGI
$638.1K $27.00/SF
− OpEx
−$239.3K −$10.13/SF
NOI
$398.8K $16.88/SF
Area
Chicago, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,975,800
Cap Rate 7%
$5,697,000
Cap Rate 9%
$4,431,000
Alternative Uses
Best Use
Mixed Use
$5.70M
$4.98M – $6.65M
NOI $398,790 @ 7.0% cap · market cap 6.14%
Second Best
Retail
$4.67M
$4.09M – $5.45M
NOI $326,944 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$11.14M
$9.75M – $13.00M
NOI $779,969 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,330
Businesses Nearby
195k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 45%
Dining 32%
Groceries 16%
Electronics 2%
Barnes & Noble
Shops & Services
48,824 visits/mo
0.5 miles
McDonald's
Dining
43,397 visits/mo
0.3 miles
Aldi
Groceries
32,222 visits/mo
0.3 miles
Shell
Shops & Services
23,379 visits/mo
0.5 miles
7-Eleven
Shops & Services
5,878 visits/mo
0.2 miles
Demographics for 60647, IL
85,631
Population
41,975
Households
2
Avg Household Size
33
Median Age
61%
College-Educated
92%
High-School Grad
4.0 sq mi
ZIP Area
21,408
Density / Sq Mi
$102,851
Median Household Income
$65,776
Median Earnings
$1,714
Median Rent
$557,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Chicago, IL
Frequently Asked Questions
What type of property is this?
Mixed-use property - Redevelopment site with six existing buildings, 144 feet of frontage, and outdoor parking for 5 cars or 2 trucks.
Where is this mixed-use property located?
The property is located at 2135-47 W Armitage Avenue Chicago Chicago, IL.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: Redevelopment site with six existing buildings across 2135‑2147 W. Armitage Ave; 144 ft frontage on Armitage Ave with 14,400 SF lot size (144x101); Approximately 23,632 SF existing building space
