3058 Cermak Rd Chicago, IL 60623-3417

Property Details for 3058 Cermak Rd

Year built

1914

Lot size

0.14 lot acres

Property size

9,624 SF

Property type

Retail residential properties

APN

16-24-312-025

APU

1624312025

Description

This exceptional mixed-use property, located at 3058 W Cermak Rd in Chicago's desirable West Pilsen/East Little Village neighborhood, presents a compelling investment opportunity. The 10,000-square-foot building, constructed in 1920 and renovated 10 years ago, boasts a strong stabilized tenancy with eight units: four commercial and four residential. The commercial space is currently occupied by a Cricket Communications store and three locally-owned businesses. The residential units comprise three two-bedroom apartments and one three-bedroom apartment, all featuring spacious layouts, updated kitchens and bathrooms, and full HVAC systems. Residents enjoy a shared 825-square-foot outdoor deck. Ample parking is provided with 14 spaces, including a 12-car off-street lot and a two-car brick garage. The property sits on a 6,250-square-foot lot and is zoned B3-2. The current NOI is $112,000, yielding an 8.78% cap rate, with a pro-forma NOI of $124,000 and a pro-forma cap rate of 9.73%. The asking price is $1,275,000, representing a price per unit of $159,375. This property benefits from its proximity to public transportation (the Pink Line is 1.5 blocks away), Douglas Park, and a vibrant shopping district. The area is experiencing significant revitalization, with rising residential and commercial rents. This is a fully stabilized, well-maintained asset in a rapidly appreciating neighborhood, ideal for investors seeking strong returns and long-term growth potential. The property is held by an LLC and is offered as a 1031 exchange opportunity.

Location Insight

City

Chicago

County

Cook

State

Illinois

Longitude

-87.7026

Latitude

41.8521

CBSA code

16980

CBSA name

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

Property Tax & Assessments