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    3347 Clark St Chicago, IL 60657

    Sponsored
    For Sale
    $888,000

    Prime Lakeview location, high NOI, redevelopment opportunity.

    Property size:
    2,500 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 2,500-square-foot retail storefront at 3347 N Clark St in Chicago's desirable Lakeview neighborhood presents a compelling redevelopment opportunity. The property, a single-unit, three-story building (built in 1925, renovated in 2018), boasts a 100% occupancy rate with a current gross lease in place until December 31, 2026. The current Net Operating Income (NOI) is $56,241, yielding a 6.33% cap rate. However, a pro-forma NOI of $87,500 projects a significantly higher 9.85% cap rate, showcasing substantial upside potential. The asking price is $888,000, translating to $355.20 per square foot. Situated on a 3,125-square-foot lot (APN: 14-20-419-102-1001) with B3-3 zoning, this property benefits from exceptional visibility and high foot traffic. The spacious interior, featuring 14-foot ceilings on the main level and 8-foot ceilings in the basement, offers ample room for various retail uses. Its prime location, near Lakeview's six corners, offers easy access to public transportation (Addison and Belmont Red, Purple, and Brown Line stations) and popular attractions like Wrigley Field and the lakefront. The property is classified as Class B and is offered for sale by owner.

    Property Features for 3347 Clark St

    General Information

    Property type
    Individual retail properties
    Square Feet
    2,500 SF
    Class
    B

    Building Details

    Year Built/Renovated
    1925/2018
    Buildings
    1
    Stories
    3
    Units
    1

    HighLights

    • Prime 2,500 SF Lakeview retail storefront with 6.33% CAP rate.
    • High visibility & foot traffic in a bustling, affluent neighborhood with ample nearby amenities.
    • Versatile open floor plan ideal for various retail uses (restaurants, cafes, medical, etc.).
    • Spacious 3,000+ SF total area across two levels: 2,500 SF main level (14' ceilings) plus full basement (8' ceilings).
    Property Profile Location Intelligence

    Current Use by Public Records

    Stephanie Gounder Family Practice Physician VIP Feet Feel ... Massage Spa

    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
    -87.6529259
    Latitude
    41.9430023

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    FAQs

    What type of property is this?
    Individual retail property - Prime Lakeview location, high NOI, redevelopment opportunity.
    Where is this individual retail property located?
    The property is located at 3347 Clark St Chicago, IL.
    What is the asking price?
    The asking price for this property is $888,000.
    What are key features of this property?
    This property features: Prime 2,500 SF Lakeview retail storefront with 6.33% CAP rate.; High visibility & foot traffic in a bustling, affluent neighborhood with ample nearby amenities.; Versatile open floor plan ideal for various retail uses (restaurants, cafes, medical, etc.).
    Request Owner's contact information
    3347 Clark St 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
    3347 Clark St Chicago, IL 60657
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