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    1342 Belmont Ave Chicago, IL 60657

    Sponsored
    For Sale
    $818,000

    Prime Lakeview storefront, 6.31% cap rate.

    Property size:
    2,400 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional investment opportunity presents a 2,400-square-foot retail storefront located at 1342 W Belmont Ave in Chicago's desirable Lakeview neighborhood. The property, a Class B building constructed in 1968 and fully renovated in 2019, boasts a 100% occupancy rate with a single tenant under a gross lease agreement. The current lease, with a franchisee tenant, extends until December 31, 2028, offering a remaining term of approximately 4.1 years. The property features a desirable open layout, suitable for a variety of retail uses, including but not limited to restaurants, coffee shops, or medical offices. High-quality finishes, including new white tile flooring, enhance the space's appeal. The asking price is $818,000, translating to a price per square foot of $340.83 and a compelling 6.31% capitalization rate based on a net operating income (NOI) of $51,633. Conveniently located near the intersection of W Belmont Ave and N Southport Ave, this property benefits from high foot traffic and excellent visibility. One parking space is included. The property is zoned B3-3 and features a single unit within a single building. This stabilized investment offers a rare opportunity to acquire a prime retail condo in a thriving, affluent neighborhood, with a recently renewed lease providing long-term income potential.

    Property Features for 1342 Belmont Ave

    General Information

    Property type
    Individual retail properties
    Square Feet
    2,400 SF
    Class
    B

    Building Details

    Year Built/Renovated
    1968/2919
    Buildings
    1
    Units
    1

    HighLights

    • Five‑year lease recently renewed by existing tenant.
    • Newly renovated space with high‑end finishes; one parking space included.
    • Prime retail condo offering a 6.31% cap rate in a desirable, affluent neighborhood.
    • Versatile open floor plan suitable for various uses, including restaurants, cafes, and medical or personal care businesses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hirsh Bradley MD Doctor vip nail spa Beauty Salon

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.6629294
    Latitude
    41.9400743

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    FAQs

    What type of property is this?
    Individual retail property - Prime Lakeview storefront, 6.31% cap rate.
    Where is this individual retail property located?
    The property is located at 1342 Belmont Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $818,000.
    What are key features of this property?
    This property features: Five-year lease recently renewed by existing tenant.; Newly renovated space with high-end finishes; one parking space included.; Prime retail condo offering a 6.31% cap rate in a desirable, affluent neighborhood.
    Request Owner's contact information
    1342 Belmont Ave Chicago, IL 60657
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1342 Belmont Ave Chicago, IL 60657
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