Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in a value-add retail building located in Wrigleyville on Chicago’s north side. Positioned at the intersection of Clark, Sheffield and Newport, the property is mere steps from Wrigley Field, along the neighborhood’s entertainment corridor. The property is 43 percent occupied, anchored by Al’s #1 Italian Beef, with the other 57 percent currently vacant. Al’s has operated here for about 15 years and signed a brand new 15 year lease, with 3 percent annual rent increases in 2025. The income from Al’s provides cash flow and stability to a value-add buyer looking to seize on the asset’s upside potential. By signing a new lease on the 1,870-square-foot vacant space at a market rent of $50 per square foot, an investor can achieve over a 10 percent Cap pro forma return. Even after factoring in a tenant and space improvement budget of $100 per square foot, as well as a 6 percent leasing commission, the yield on cost is still safely above 9 percent, at the asking price. The underlying real estate is irreplaceable. Located at a signalized, three-way intersection, the property benefits from visibility to about 19,000 vehicles per day during the ordinary course of traffic flow, as well as abundant foot traffic, particularly during baseball season. Beyond baseball, Wrigleyville is a renowned entertainment district 365 days a year, with myriad bars drawing a huge swath of locals and tourists to the area. Roughly four million people visit Wrigleyville annually, with 70 percent of them coming from outside of Chicago and Illinois. This is a rare opportunity to buy a well-located, value-add property with in-place cash flow from a stable, long-term tenant.