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Mixed-Use

Infill Mixed-Use | Recent 10-Year Retail Leases

1950 W Division St, Chicago, IL 60622

Listing Price: $10,307,000

Cap Rate
5.85%
Number of Units
1
Price/Unit
$10,307,000
Price/Gross SF
$575.94
Gross SF
17,896

Investment Overview

Recent 10-year leases on all four retail tenants with rental increases. The leases are expiring between 2028 and 2031. Belmont Bank offers a 10 percent rental increase every five years. Little Wok, Cheba Hut Toasted Subs and Colectivo Coffee offers annual rental increases ranging from two to 13 percent. There are two high-end, three-bedroom and three-bathroom units, each with two garage spaces with below market rents. Apartment tenants paying only $1.77 per square foot for high end condo quality construction. Located in a dense affluent area with the average household income of $151,184 within a half mile and a population of 19,536. The subject property is situated amongst Chicago’s most established and diverse west side neighborhoods including Wicker Park, Bucktown and Ukrainian Village. Situated on a signalized, hard corner location with multiple transportation options and heavy traffic counts with 29,850 vehicles passing per day on Damen Avenue and Division Street. Located directly on the corner of two CTA bus stops and multiple Divvy Bike rental stations in the area. Half mile to the Division Blue Line CTA train station. The Interstate 90/94 interchange is a mile to the east. The property is centrally located within West Division Avenue’s food and bar scene. A quarter mile from Amita Health Saints Mary and Elizabeth Medical Center Chicago.

Investment Highlights

  • Recent 10-Year Leases on All Four Retail Tenants with Rental Increases
  • Two High-End, Three-Bedroom and Three-Bathroom Units, Each with Two Garage Spaces
  • Dense Affluent Area | Average Household Income of $151,184 Within an Half Mile and a Population of 19,536
  • Signalized, Hard Corner Location with Multiple Transportation Options
  • A Quarter Mile from AMITA Health Saints Mary and Elizabeth Medical Center Chicago
  • Extremely High Daytime and Nighttime Foot Traffic | 98 Walk Score, a "Walker's Paradise" (WalkScore.com)
  • A Half Mile From the Ashland Avenue, Milwaukee Avenue, and Division Street Intersection | Ample Retail and Residential Complexes
  • 1.4 Miles from New Area Developments Due to Zoning Changes and the City's River Revitalization Plans

Exclusively Listed By

Mixed-Use

Infill Mixed-Use | Recent 10-Year Retail Leases

Listing Price: $10,307,000

Cap Rate
5.85%
Number of Units
1
Price/Unit
$10,307,000
Price/Gross SF
$575.94
Gross SF
17,896

Investment Highlights

  • Recent 10-Year Leases on All Four Retail Tenants with Rental Increases
  • Two High-End, Three-Bedroom and Three-Bathroom Units, Each with Two Garage Spaces
  • Dense Affluent Area | Average Household Income of $151,184 Within an Half Mile and a Population of 19,536
  • Signalized, Hard Corner Location with Multiple Transportation Options
  • A Quarter Mile from AMITA Health Saints Mary and Elizabeth Medical Center Chicago
  • Extremely High Daytime and Nighttime Foot Traffic | 98 Walk Score, a "Walker's Paradise" (WalkScore.com)
  • A Half Mile From the Ashland Avenue, Milwaukee Avenue, and Division Street Intersection | Ample Retail and Residential Complexes
  • 1.4 Miles from New Area Developments Due to Zoning Changes and the City's River Revitalization Plans

Investment Overview

Recent 10-year leases on all four retail tenants with rental increases. The leases are expiring between 2028 and 2031. Belmont Bank offers a 10 percent rental increase every five years. Little Wok, Cheba Hut Toasted Subs and Colectivo Coffee offers annual rental increases ranging from two to 13 percent. There are two high-end, three-bedroom and three-bathroom units, each with two garage spaces with below market rents. Apartment tenants paying only $1.77 per square foot for high end condo quality construction. Located in a dense affluent area with the average household income of $151,184 within a half mile and a population of 19,536. The subject property is situated amongst Chicago’s most established and diverse west side neighborhoods including Wicker Park, Bucktown and Ukrainian Village. Situated on a signalized, hard corner location with multiple transportation options and heavy traffic counts with 29,850 vehicles passing per day on Damen Avenue and Division Street. Located directly on the corner of two CTA bus stops and multiple Divvy Bike rental stations in the area. Half mile to the Division Blue Line CTA train station. The Interstate 90/94 interchange is a mile to the east. The property is centrally located within West Division Avenue’s food and bar scene. A quarter mile from Amita Health Saints Mary and Elizabeth Medical Center Chicago.

Exclusively Listed By

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