Value-Add Retail Opportunity | Chicago Sub-1M Entry
3217-3229 W Montrose Ave | Chicago, IL
Marketing description
eXp Commercial is pleased to present the ±4,000 SF ground-floor retail condominium at 3217–3229 W Montrose Avenue, located in Chicago’s Albany Park neighborhood. This fully leased retail condo comprises six individual storefronts within a mixed-use building and is occupied by a diverse mix of local service, food, and professional tenants.
Several tenants operate under month-to-month or short-term leases, providing a flexible structure for investors to immediately capitalize on rising market rents or strategically re-tenant as leases roll. Current rents average approximately $20/SF, while nearby market rates are approaching $28/SF, creating a clear value-add opportunity.
Positioned along Montrose Avenue—a high-traffic retail corridor with over 21,000 vehicles per day—the property benefits from strong visibility, a dense surrounding residential population, and proximity to CTA bus routes and the Brown Line. Retail vacancy in the surrounding submarket is just 3.1%, highlighting the sustained demand for small-format neighborhood retail in this area.
Located in Chicago’s Albany Park neighborhood along the high-visibility Montrose Avenue corridor. Surrounded by dense residential housing and steps from public transit.
Property Website / OM: https://creconsult.net/property/3217-3229-west-montrose-avenue-chicago-7-unit-retail/
Investment highlights
Sale Price: $975,000
Building Size: 4,000 SF
Property Type: Retail
Number of Units: 6
Occupancy: 100%
Cap Rate (Current): 5.56%
Cap Rate (Pro Forma): 8.37%
±4,000 SF ground-floor retail condo in mixed-use building
Six fully leased storefronts with service, food, and professional tenants
Flexible leases: MTM and short-term structure allows near-term repositioning
Current rents ~$20/SF with market rents trending toward ~$28/SF MG
Montrose Ave frontage with 21,000+ vehicles/day and strong foot traffic
Albany Park location with excellent CTA and Brown Line access
Low retail vacancy in the submarket: 3.1%
Ideal for investors seeking stabilized income with clear upside
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