2948 Grand Ave Chicago, IL 60622
- Specialty properties
- 35,233 SF
- 0.70 lot acres
Current Use by Public Records
- Specialty properties
Property Details for 2948 Grand Ave
- Year built
- 1960
- Lot size
- 0.70 lot acres
- Property size
- 35,233 SF
- Property type
- Specialty properties
Description
This exceptional investment opportunity presents a stabilized, long-term leased asset in Chicago's rapidly developing West Ukrainian Village neighborhood. The property, located at 2948 W Grand Ave, encompasses 35,233 square feet across a two-story building on a 0.7-acre lot. Currently 100% occupied by a well-established, state-of-the-art indoor climbing facility, First Ascent Climbing & Fitness, the lease boasts a remaining term of 5.5 years with two, five-year options and 2.5% annual rent increases. The tenant recently invested over $1.1 million in renovations and improvements to the property, which includes enclosed parking. The building, constructed in 1960 and extensively renovated in 2017, benefits from a Modified lease structure and is zoned M2-3. The property's strong financial performance is reflected in its Net Operating Income (NOI) of $384,548. Its prime location at the northeast corner of Grand Avenue and Sacramento Boulevard, coupled with its proximity to The 606 trail, offers significant upside potential in a rapidly gentrifying area. This is an ideal opportunity for investors seeking a stable, high-performing asset with significant long-term growth prospects. The property features two units and is offered as a 1031 exchange opportunity. The Cook County Assessor's Parcel Number (APN) is 16-01-322-036-0000.
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
- -87.7012
- Latitude
- 41.8964
