525-527 Ashland Ave Chicago, IL 60622
- Retail properties
Current Use by Public Records
- Retail properties
Property Details for 525-527 Ashland Ave
- Year built
- 1879
- Property type
- Retail properties
- Property subtype
- Office Properties & Spaces
Description
This exceptional mixed-use investment opportunity presents a compelling value-add proposition. Located at 525-527 N. Ashland Ave in Chicago, IL, this property boasts a prime location near the intersection of Grand and Ashland Avenues. The offering encompasses two buildings, constructed in 1879, each two stories high, totaling four units across a combined footprint. Currently operating at 50% occupancy with two tenants under a gross lease structure, the property generates a net operating income (NOI) of $4,400 annually, yielding a 0.31% cap rate. The asking price is $1,400,000, representing a fee simple ownership opportunity. The property is zoned for commercial use and is currently bank-owned, offering a unique foreclosure opportunity. Seller financing is available with a 30-year fixed mortgage requiring a 20% down payment. The seller covers all closing costs and there are no outstanding violation fees. The property is sold "as is," with limited additional information available for review. This presents a strong potential for increased profitability through improved occupancy and management. The property's location in a busy commercial area offers significant upside for the right buyer.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6669
- Latitude
- 41.8918
