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Vacant-User

Biograph Theater Retail Condo | Lincoln Park

2445 N Lincoln Ave, Chicago, IL 60614

Listing Price: $1,100,000

Gross SF
5,000
Rentable SF
5,000
Price/Gross SF
$220.00
Lot Size
0.35 acres
Year Built
1914

Investment Overview

Marcus & Millichap is thrilled to present the opportunity to purchase the ground floor retail condominium of the Biograph Theater on Lincoln Avenue in Chicago's Lincoln Park neighborhood. The property is roughly 5,000 square feet, currently vacant, with a built-out kitchen consisting of black iron, an exhaust hood, a walk-in cooler, two kitchen prep areas, and four bathrooms. The other tenant/owner of the Biograph Theater is the Victory Gardens Theater, and the owner of this unit shares a homeowners association with the theater. With 65 feet of prime frontage on Lincoln Avenue, this is irreplaceable real estate located in a historic building in one of Chicago's most vibrant north side neighborhoods. Over 450,000 people live within a three-mile radius and average household incomes exceed $140,000.
The storied location formed the backdrop of one of the most infamous chapters of Chicago's gangster past. Today, the building sits in the middle of one of the most stable neighborhoods in Chicago, home to DePaul University, as well as several generation defining mixed use developments, such as the 538 unit, 100,000 square foot of retail, 156 room senior living facility redevelopment of the former Children's Memorial Hospital located within one block of the offering.
Priced at $1,100,000, with area rents comfortably in the +$25 per square foot range (NNN), the property is ideal for either a restaurant user, or a developer with designs to add value through an aggressive leasing campaign. We believe that even after a sizable tenant improvement allowance, a budget for soft costs, carrying costs, and leasing commissions, the property's cash flow will yield eight percent on the total budget, at list price. Refinancing after stabilization will yield higher returns.
Please contact Marcus & Millichap for additional information regarding the financial modeling used to price the property, or with any other questions.

Investment Highlights

  • Rare Opportunity to Purchase the Ground Floor Component of the Biograph Theater
  • Irreplaceable Location in Lincoln Park
  • One block from Lincoln Commons, the new 6.04-acre mixed-use development at the corner
  • Adjacent to DePaul University
  • Property Comes With a Built-Out Kitchen
  • +450,000 people within a 3-mile radius, average household incomes exceed $140,000

Exclusively Listed By

Financing By

Vacant-User

Biograph Theater Retail Condo | Lincoln Park

Listing Price: $1,100,000

Gross SF
5,000
Rentable SF
5,000
Price/Gross SF
$220.00
Lot Size
0.35 acres
Year Built
1914

Investment Highlights

  • Rare Opportunity to Purchase the Ground Floor Component of the Biograph Theater
  • Irreplaceable Location in Lincoln Park
  • One block from Lincoln Commons, the new 6.04-acre mixed-use development at the corner
  • Adjacent to DePaul University
  • Property Comes With a Built-Out Kitchen
  • +450,000 people within a 3-mile radius, average household incomes exceed $140,000

Investment Overview

Marcus & Millichap is thrilled to present the opportunity to purchase the ground floor retail condominium of the Biograph Theater on Lincoln Avenue in Chicago's Lincoln Park neighborhood. The property is roughly 5,000 square feet, currently vacant, with a built-out kitchen consisting of black iron, an exhaust hood, a walk-in cooler, two kitchen prep areas, and four bathrooms. The other tenant/owner of the Biograph Theater is the Victory Gardens Theater, and the owner of this unit shares a homeowners association with the theater. With 65 feet of prime frontage on Lincoln Avenue, this is irreplaceable real estate located in a historic building in one of Chicago's most vibrant north side neighborhoods. Over 450,000 people live within a three-mile radius and average household incomes exceed $140,000.
The storied location formed the backdrop of one of the most infamous chapters of Chicago's gangster past. Today, the building sits in the middle of one of the most stable neighborhoods in Chicago, home to DePaul University, as well as several generation defining mixed use developments, such as the 538 unit, 100,000 square foot of retail, 156 room senior living facility redevelopment of the former Children's Memorial Hospital located within one block of the offering.
Priced at $1,100,000, with area rents comfortably in the +$25 per square foot range (NNN), the property is ideal for either a restaurant user, or a developer with designs to add value through an aggressive leasing campaign. We believe that even after a sizable tenant improvement allowance, a budget for soft costs, carrying costs, and leasing commissions, the property's cash flow will yield eight percent on the total budget, at list price. Refinancing after stabilization will yield higher returns.
Please contact Marcus & Millichap for additional information regarding the financial modeling used to price the property, or with any other questions.

Exclusively Listed By

Financing By

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