1850 Webster Ave Chicago, IL 60614
- Retail properties
- 9,037 SF
- 1.19 lot acres
Current Use by Public Records
- Village Bucktown / Cannabis Store
Property Details for 1850 Webster Ave
- Year built
- 1997
- Lot size
- 1.19 lot acres
- Property size
- 9,037 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a fee-simple interest in a 9,037 square foot retail building located at 1850 W Webster Ave, Chicago, IL 60614. The property, fully renovated in 2023, sits on a 1.19-acre lot and boasts a strong 8.25% cap rate with a Net Lease structure. Currently occupied by Village Dispensary under a 10-year lease (commencing July 1, 2023, and expiring June 30, 2033), offering approximately 8.6 years of remaining lease term. The lease includes annual rent bumps of 2% and two 5-year renewal options. The tenant, Village Dispensary, is backed by a publicly traded entity, providing significant financial stability. The property features 44 parking spaces and future plans for a drive-thru, adding to its already impressive value. Built in 1997, this prime location in Lincoln Park benefits from high visibility, a dense, affluent population, and significant daytime traffic. The substantial $2.5 million renovation included a complete gut remodel. The property's strong financials, long-term lease, and prime location make it an ideal investment for discerning buyers. The Net Operating Income (NOI) is $583,440. The asking price is $7,072,000.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6755
- Latitude
- 41.922
