1645 Clybourn Ave Chicago, IL 60614

Property Details for 1645 Clybourn Ave

Year built

1998

Lot size

0.05 lot acres

Property size

5,403 SF

Property type

Commercial real estate

APN

14-32-425-031-0000

Description

This exceptional mixed-use building, located at 1645 N Clybourn Ave in Chicago's desirable Lincoln Park neighborhood, presents a compelling value-add investment opportunity. The property boasts 5,403 square feet across three stories, encompassing four units currently operating at 100% occupancy with high-credit tenants. Built in 1998 and renovated in 2020, the building features a desirable mix of residential and commercial space, including a sizable finished basement with a bathroom. Each unit is equipped with central heating and air conditioning, separate utilities, individual balconies, and access to basement locker rooms. Four parking spaces are conveniently located at the rear of the building, and a shared roof deck offers stunning city skyline views. The property sits on a 0.05-acre lot and is zoned B1-3. The current Net Operating Income (NOI) is $90,651, yielding a 5.71% cap rate. A pro-forma NOI of $115,500 projects a 7.27% cap rate, highlighting the significant upside potential. The building's prime location on Clybourn Avenue, within a three-minute walk of the Apple flagship store and the Red Line Metro station, and less than a mile from I-90/94, ensures strong tenant demand and easy accessibility. The surrounding area is rich with national retail brands, grocery stores, and restaurants, further enhancing the property's appeal and rental potential. This turnkey property offers a rare blend of immediate income and future growth potential, making it an ideal investment for discerning buyers. The asking price is $1,588,000.