2329 W Belmont Ave Chicago, IL 60618

Property Details for 2329 W Belmont Ave

Year built

1895

Lot size

0.11 lot acres

Property size

6,750 SF

Property type

Retail space

Property subtype

Storefront properties

Description

This exceptional mixed-use property at 2329 W Belmont Avenue in Chicago, IL, offers a compelling investment opportunity. The two-story, 6,750 square foot building sits on a 0.11-acre lot and boasts a 7.94% cap rate with a strong NOI of $101,285. Currently 100% occupied, the property features two ground-floor retail storefronts and two upper-level, two-bedroom/one-bathroom residential units. The retail spaces are leased to Fonseca Martial Arts (1,250 sq ft, 3 years remaining + 1, 5-year option) and Urban Grind (2,850 sq ft + 1,435 sq ft basement, 5-year lease + 3, 1-year options). The residential units are individually metered for utilities and highly desirable due to their location. Built in 1895, the building benefits from significant recent area development, including a new 7-Eleven and retail strip center, and enjoys high traffic counts (over 15,100 vehicles daily on Belmont Avenue, plus 35,800+ at the adjacent intersection). The property's prime location in Roscoe Village, just 1.1 miles from the Paulina "L" station and close to major expressways, offers convenient access to public transportation and a wealth of amenities. The strong demographics, with over 44,700 people within a 1-mile radius and an average household income exceeding $218,879, further enhance the investment potential. The current leases include rent bumps, and lease options provide flexibility for future income growth. This is a fee simple ownership opportunity with significant upside potential.

Location Insight

City

Chicago

County

Cook

State

Illinois

Longitude

-87.686897619366

Latitude

41.939460731797