Property Details for 1954 Montrose Ave

Year built

1914

Property type

Retail properties & Spaces

Property subtype

Mixed-use properties

Description

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.

Location Insight

City

Chicago

County

Cook

State

Illinois

Longitude

-87.679

Latitude

41.9615