2811 Racine Ave Chicago, IL 60657

Property Details for 2811 Racine Ave

Year built

1888

Lot size

0.11 lot acres

Property size

6,725 SF

Property type

Retail properties & Spaces

Property subtype

Mixed-use properties

Description

This exceptional Chicago investment opportunity encompasses a three-story, 6,725 square foot mixed-use building at 2811 N Lincoln Ave, featuring one commercial unit leased to Pup's Pet Club with a long-term lease and four 2-bedroom/1-bathroom residential units. The property also includes an adjacent 0.06-acre vacant lot at 2858 N Racine Ave, currently generating income from Spot Hero parking. The building boasts 100% occupancy and a strong NOI of $196,822, yielding a 7.61% cap rate. Scheduled rent increases on both commercial and signage leases (extending to 2040) provide built-in income growth, while below-market residential rents offer significant upside potential. The property benefits from C1-2 zoning, allowing for diverse retail uses and residential units. Its prime location on a busy stretch of Lincoln Avenue, near public transportation and with high traffic counts (over 22,000 vehicles daily), ensures strong visibility and accessibility. The strong demographics, with over 87,000 people within a 1-mile radius and an average household income exceeding $208,400, further enhance its investment appeal. The assemblage potential, including the adjacent vacant lot and a possible neighboring property acquisition, presents future development opportunities. The asking price is $2,585,000, representing a compelling value-add investment in a high-demand Chicago market. The property is fee simple ownership.