2933 Southport Ave Chicago, IL 60657-4128

Property Details for 2933 Southport Ave

Year built

1979

Lot size

0.04 lot acres

Property size

1,800 SF

Property type

Commercial real estate

APN

14-29-122-006

APU

1429122006

Description

This exceptional mixed-use property, located at 2933-2937 N Southport Ave in Chicago's vibrant Lake View neighborhood, presents a unique investment opportunity. The building, completed in 2023, boasts three commercial spaces totaling 1,930 net rentable square feet, currently operating at 100% occupancy with a strong NOI of $46,976 (pro-forma NOI of $50,054). Each of the three units is ideally suited for a variety of uses, including executive office space, restaurants, or storefronts, benefiting from large storefront windows providing ample natural light. The property features a modern finish, including updated heating and plumbing systems. Situated on a 7,405 square foot lot, this Class A building is zoned B-3, offering flexibility for various business types. The asking price is $472,500, representing a compelling cap rate of 9.94% (pro-forma 10.59%) and a price per square foot of $244.82. The current lease is a NNN multi-tenancy agreement with one year remaining. This property enjoys a highly desirable location, within a 10-minute walk of numerous amenities including Fox Trot, Whole Foods, Dom's, Burley School, Soul Cycle, two 'L' train stops, Lincoln Park, Schubas Tavern, Masonic Medical Center, and Hamlin Park, ensuring high foot traffic and visibility. This is a rare opportunity to acquire a brand-new, multi-unit commercial property in a thriving Chicago neighborhood.

Location Insight

City

Chicago

County

Cook

State

Illinois

Longitude

-87.6634

Latitude

41.9353

CBSA code

16980

CBSA name

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

Property Tax & Assessments