63 43Rd St Chicago, IL 60653

Property Details for 63 43Rd St

Year built

1908

Lot size

0.37 lot acres

Property size

8,100 SF

Property type

Retail space

APN

20-03-301-013

APU

2003301013

Description

This exceptional mixed-use property at 63 E 43rd St, Chicago, IL 60653, offers a compelling investment opportunity. The 16,100 square foot building, constructed in 1909 and extensively renovated between 2020 and 2022, boasts a diverse tenant mix across nine units. Anchored by Alice's Bar B Q and X-Wings, the property also includes a barber salon, beauty salon, sweet shop, and event space. A 1,200 square foot, two-bedroom apartment occupies the southeast corner. Recent capital improvements include a new furnace, central air conditioning, updated bathrooms, plumbing, electrical systems, and tuckpointing. The property features a 100% occupancy rate, generating a current NOI of $61,326 and a pro-forma NOI of $80,523, representing a 6.16% cap rate and a pro-forma cap rate of 8.09%, respectively. The asking price is $995,000, with a price per square foot of $61.80 and a price per unit of $110,555.56. Located in a high-traffic business corridor, two blocks from the CTA 43rd Street Green Line and near new residential developments and the Chicago Urban League headquarters, this B-class, net-lease property presents significant upside potential. The property is zoned B3-3 and sits on a 16,100 square foot lot. Leases are currently for one year, with rent bumps planned to bring them to market rate. The net rentable square footage is 4,660 square feet. The building is two stories and consists of one building. All tenants are credit-rated.

Location Insight

City

Chicago

County

Cook

State

Illinois

Longitude

-87.6235

Latitude

41.8163

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments