Logan Square Development
For Sale
$650,000
Pending
3265 W Armitage Avenue, Chicago, IL 60647
Mixed-use redevelopment opportunity in Logan Square with high visibility.
Property Size3,350 SF
Lot Size0.26 Acres
Days on Market1313
Property Features for 3265 W Armitage Avenue
General Information
Standard status
Pending
Size
3,350 SF
Lot size
0.26 Acres
Property subtype
Land or Vacant Lot
Taxes and HOA fees
Annual Taxes
$17,135
Amenities
Natural Gas Heating
Listing Agency:
@PROPERTIES COMMERCIAL
(312) 337-0200
Listed By:
MICHAEL LEVIN · License #475123263
(312) 506-0200
Source:
Corcoran
Added: Mar 6, 2023
Changed: Oct 7
Last Checked: Oct 7 at 12:52PM
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
Investment Insights
Based on property information with market context.
Located in Logan Square at 3261-3265 W Armitage Ave, this development site offers a 75x150 foot land site totaling 11,250 square feet, comprising 3 lots with B3-1 zoning. The location benefits from high traffic, with 13,300 vehicles per day. The property includes a 3,350 square foot, two-story commercial mixed-use building currently used for office space. It features one curb cut on Armitage, providing outstanding frontage and visibility. Potential uses include professional offices such as law firms, insurance, financial services, medical, dental, education, and real estate offices, or redevelopment. Area retailers include A R Shoes, All Star Pet Care, Haru Sushi Restaurant, Festive Collective, La Estrella, Big Bud Press, Ground Control Restaurant, and Scissorhand Salon. The property's pin numbers are 13354040070000, 13354040080000, and 13354040090000. The total taxes are $17,134.79, broken down as follows: $9,684.09 for pin number 13354040070000, $3,725.35 for pin number 13354040080000, and $3,725.35 for pin number 13354040090000.
Key Highlights
- Prime Logan Square development site: 75X150 (11,250 sq ft) land site comprised of 3 lots.
- B3‑1 Zoning: Suitable for a variety of commercial or mixed‑use developments.
- High visibility and frontage on Armitage Ave: Benefits from 13,300 vehicles passing per day.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$56,531
Cap Rate
8.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,130,620
$1.1M
Cap Rate 7%
$807,586
$807.6K
Cap Rate 9%
$628,122
$628.1K
Market Conditions
NOI Build-Up for 3,350 SF
Gross rent
$100.5K $30.00/SF
− Vacancy
−$10.1K −$3.00/SF
EGI
$90.5K $27.00/SF
− OpEx
−$33.9K −$10.13/SF
NOI
$56.5K $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%
$1,130,620
Cap Rate 7%
$807,586
Cap Rate 9%
$628,122
Alternative Uses
Best Use
Mixed Use
$807.6K
$706.6K – $942.2K
NOI $56,531 @ 7.0% cap · market cap 8.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,566 @ 7.0% cap · market cap 17.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,206
Businesses Nearby
Explore this area
Business Placement
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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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use redevelopment opportunity in Logan Square with high visibility.
Where is this mixed-use property located?
The property is located at 3265 W Armitage Avenue Chicago, IL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Prime Logan Square development site: **75X150 (11,250 sq ft) land site comprised of 3 lots.**; B3‑1 Zoning: Suitable for a variety of commercial or mixed‑use developments.; High visibility and frontage on Armitage Ave: Benefits from 13,300 vehicles passing per day.
