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    1954 Montrose Ave Chicago, IL 60613

    Sponsored
    For Sale
    $4,500,000

    11-unit building, high NOI, strong tenants

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional mixed-use property, located at 1954-70 W. Montrose Ave. in Chicago's desirable Ravenswood neighborhood, offers a compelling investment opportunity. The 11-unit building, constructed in 1914, features a blend of luxury apartments and street-level commercial spaces. The residential component includes two three-bedroom/two-bathroom units, one large studio, and all boast gourmet kitchens, modern bathrooms, in-unit laundry, individual HVAC, and private patios. The commercial units, totaling eight, are leased to four tenants, including notable establishments like Ravenwood Fitness and Farm Bar, ensuring strong occupancy and rental income. The building sits on a 10,032 sq ft lot and includes two parking spaces. The property benefits from a highly passive investment structure, with most commercial tenants on net leases and the majority of building expenses passed through to tenants via CAM charges, minimizing operational expenses for the owner. The property's prime location, steps from the Montrose Brown Line Station, provides convenient access to downtown Chicago. The current NOI is $322,986, with a pro-forma NOI of $331,392, yielding a 7.18% cap rate and a pro-forma cap rate of 7.36%. The asking price is $4,500,000. Assumable debt is available at 4.625%. The property is zoned B3-1. This iconic corner location offers a stable, high-performing investment with long-term tenants and minimal operational overhead.

    Property Features for 1954 Montrose Ave

    General Information

    Property type
    Multifamily properties

    Building Details

    Year Built
    1914
    Buildings
    1
    Stories
    2

    HighLights

    • 11‑unit mixed‑use building in Ravenswood with luxury apartments and commercial storefronts.
    • Passive investment opportunity with low operating expenses.
    • Commercial spaces under net leases, minimizing landlord responsibilities.
    • Farm Bar serves as a strong anchor tenant.
    • Units feature private patios.
    • Two‑car garage included.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    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
    -87.679015625609
    Latitude
    41.961497413486

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    FAQs

    What type of property is this?
    Multifamily property - 11-unit building, high NOI, strong tenants
    Where is this multifamily property located?
    The property is located at 1954 Montrose Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $4,500,000.
    What are key features of this property?
    This property features: 11-unit mixed-use building in Ravenswood with luxury apartments and commercial storefronts.; Passive investment opportunity with low operating expenses.; Commercial spaces under net leases, minimizing landlord responsibilities.
    (312) 935-1050
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    1954 Montrose Ave Chicago, IL 60613
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    Chicago, IL 60613
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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
    1954 Montrose Ave Chicago, IL 60613
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