651 Armitage Ave Chicago, IL 60614

Property Details for 651 Armitage Ave

Year built

1910

Property size

11,000 SF

Property type

Commercial real estate

APN

14-33-302-002-0000

Description

This exceptional mixed-use property at 651 W Armitage Avenue in Chicago's vibrant Lincoln Park neighborhood presents a compelling investment opportunity. The 11,000 square foot building, constructed in 1910 and boasting three stories, is zoned B1-3 and features a blend of retail and multifamily units. Currently vacant, this property offers significant upside potential. The building comprises five large apartments, including a substantial coach house with a three-car heated garage. Three apartments offer three bedrooms and two bathrooms each, one features two bedrooms and one bathroom, and the coach house includes four bedrooms, two and one-half bathrooms. Two retail spaces are also included, currently occupied. The building has been meticulously maintained and improved, featuring a large steel-framed back porch. The strong 6.50% capitalization rate, based on a net operating income (NOI) of $216,148, and an asking price of $3,300,000, makes this a highly attractive investment. Its prime location offers convenient access to public transportation, including the CTA Red Line and Halsted bus routes, and the I-90/94 expressway, providing easy access to downtown Chicago (a 15-minute commute via public transit). This turnkey property is ready for a new owner to capitalize on its inherent value and strong rental potential. The Cook County Assessor's Property Identification Number (APN) is 14-33-302-002-0000.