$ 375,000
2625 S Central Park Avenue Chicago, IL 60623
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$ 375,000
Est. payment /mo
Active
2625 S Central Park Avenue Chicago, IL 60623
3,650 SqFt
UPDATED:
11/06/2024 06:06 AM
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 3,650 sqft
Price per Sqft $102
MLS Listing ID 12091725
Year Built 1898
Annual Tax Amount $1,954
Tax Year 2022
Lot Dimensions 25X125
Property Description
Pleased to present the opportunity to purchase 2625 S Central Park Ave, Chicago, IL. This mixed-use building, located in the highly coveted Little Village neighborhood of Chicago, presents a prime investment opportunity of both commercial and residential units with the opportunity to generate substantial rental income. Property is ideal for investors seeking a stable income stream and potential for value appreciation, and/or owner-occupiers seeking their use/investment opportunity. The commercial unit features a long-standing commercial tenant on a MTM lease service, a 975 SF total footprint, an open retail space, one bathroom, a small storage room, a large open room in the back, and two large rooms with a full first-floor ten feet height clearance. The submarket's commercial lease services are transitioning to a different approach, which will significantly enhance the (NOI) for the owner. The residential unit, also on a MTM lease structure, offers a 900 SF total footprint, with three bedrooms, one bathroom, a kitchen, living room, and a dining room. The attic includes two large adjoining rooms, a bathroom, a gas line, and 11 feet height clearance within an 800 SF total footprint, which may serve as a duplex-up for the residential unit. Utilizing the attic as a duplex-up would provide a total footprint of 1,700 SF for the residential unit, significantly increasing rental income potential as market dollar-value per square foot. Additional features of the property include a two-car garage with an 8'x10' party door, a full basement with 975 SF, and a newly laid 20'x40' concrete slab in the backyard. The two-car garage space may serve as an additional separate income source if leased separately from the base rent of both the commercial and residential spaces. The property benefits from high visibility with 17,000 Vehicles Per Day (VPD) at the corner of 26th St. and Central Park Ave. Zoned B3-2, allowing residential use, shopping centers, and retail storefronts with higher use permissions than B1 and B2, and situated in the heart of Little Village, the property is located in the second-highest income-producing corridor in Chicago, after Michigan Avenue's Magnificent Mile. Local nearby amenities include an abundance of renowned dining options, shopping centers, parks, and a grammar school next door, providing added peace and security. The property offers high income potential with large units and great clearance heights allowing for higher commercial and residential rents. The prime location in a high traffic area ensures consistent visibility and foot traffic for the commercial unit. Flexible lease structures for both commercial and residential units on MTM lease structures provide flexibility for future lease negotiations or an owner-user occupier. Additionally, the building is fully stabilized with no vacancy and is steps from public transportation. Contact listing agent for detailed memorandum of Financials, P&L Statement, and Pro Forma.
Location
State IL
County Cook
Interior
Cooling Window Unit(s)
Fireplace N
Exterior
View Y/N true
Building
Structure Type Brick
© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Manuel Torrejon-Regalado • Keller Williams ONEChicago