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DESCRIPTION

Rare opportunity to acquire 1822 - 1832 West Irving Park Road. Two newer construction mixed-use buildings consisting of (24) 2 bed - 2 1/2 bath units, (8) 2 bed - 2 bath units, and commercial storefronts at grade. Each of the buildings spans approximately 26,000 square feet and is situated on approximately 18,797 square feet of land. Additionally, the property features 44 indoor, heated, attached garage parking spaces and 6 outdoor parking spaces (some of the parking spots are tandem). This opportunity offers an owner-user or investor the ability to position themselves in a highly desirable submarket within Chicago, with built-in demand and limited supply. The property is nestled between the desirable North Center, Lakeview and Ravenswood neighborhoods and is just west of Ashland Ave with ease of access to the CTA Brown line and 90/94. With prominent signage and exposure facing Irving Park Road, the asset is also conveniently located within the expansive amenity hub of North Center, featuring multiple new developments in the local area.

KEY DETAILS
  • Price:
  • $14,999,000
  • Bedrooms:
  • 4
  • Square Footage:
  • n/a
  • Acreage:
  • 0.43
  • Year Built:
  • 2012
  • MLS #:
  • MRD11252647
  • Street Address:
  • 1822-1832 W Irving Park Rd
  • City:
  • Chicago
  • State:
  • IL
  • Postal Code:
  • 60613
  • County:
  • Cook
  • Area:
  • North Center
  • Listing Status:
  • For Sale - Active Under Contract

Building

  • Exterior Description:
  • Brick
  • Foundation:
  • Concrete Perimeter
  • Stories:
  • 5
  • Type Of Roof:
  • Membrane, Rubber
  • Year Built:
  • 2012

Business

  • Annual Electric Expenses:
  • 8466
  • Annual Insurance Expenses:
  • 13755
  • Annual Trash Expenses:
  • 4067
  • Annual Water/Sewer Expenses:
  • 11669
  • Estimated Potential Income:
  • 94099
  • Gross Income:
  • 1129194
  • Net Operating Income:
  • 771365
  • Operating Expense:
  • 243823

Land

  • Existing Land Use:
  • Multi-Family
  • Lot Square Footage:
  • 18797

Listing

  • Contingency Type:
  • Financing
  • Days On Market:
  • 88
  • Originating Mls:
  • Mred

Money

  • Property Taxes:
  • $181,520
  • Tax Year:
  • 2020
  • Tenant Pays:
  • Electricity, Heat

Structures

  • Parking Spaces:
  • 50

Systems

  • Cooling System:
  • Central Air
  • Electricity:
  • Service - 0 To 100 Amps

Units

  • Unit 1 Total Bathrooms:
  • 2
  • Unit 1 Total Bedrooms:
  • 2
  • Unit 1 Type:
  • Unit 1
  • Unit 2 Total Bathrooms:
  • 2
  • Unit 2 Total Bedrooms:
  • 2
  • Unit 2 Type:
  • Unit 2
  • Unit 3 Total Bathrooms:
  • 1
  • Unit 3 Type:
  • Unit 3
  • Unit 4 Type:
  • Unit 4
  • Unit 5 Type:
  • Unit 5
  • Unit 6 Type:
  • Unit 6
  • Unit 7 Type:
  • Unit 7

Source

  • Listing Provided By Compass

    ILMRED
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