Wrigleyville Value-Add Opportunity
+10% CAP Pro Forma Return | Irreplaceable Real Estate 2 Blocks from Wrigley Field
Marketing description
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% occupied, anchored by Al’s #1 Italian Beef, with the other 57% currently vacant. Al’s has operated here for about 15 years and signed a brand new 15YR lease, with 3% 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/sf, an investor can achieve over a 10% CAP pro forma return. Even after factoring in a tenant and space improvement budget of $100/sf, as well as a 6% leasing commission, the yield on cost is still safely above 9%, at the asking price.
The underlying real estate is irreplaceable. Located at a signalized, 3-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 4 million people visit Wrigleyville annually, with 70% 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.
Investment highlights
2-tenant value-add retail opportunity in Wrigleyville, positioned at a signalized intersection 0.2 miles from Wrigley Field
Pro Forma cap rate of over 10%, achieved by leasing the 1,870 square foot vacant unit at a market rent of $50/sf
Al’s #1 Italian Beef signed a new 15YR NNN lease in 2025, which features 3% annual rent increases, providing stability and cash flow to a new owner while they work on leasing the vacancy
Al’s has operated out of this location for about 15 years and reports solid store sales
Exceptional underlying real estate at the hard corner of Clark Street and Sheffield, both of which front the vacancy
Located a third of a mile from two separate “L” stops – equidistant from the Belmont Station and Addison
Over 100,000 people live within a 1-mile radius with average household incomes close to $150,000 annually
In addition to the residential density of the neighborhood, roughly 4 Million people visit Wrigleyville annually, with 70% of them coming from outside of Chicago and Illinois
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