3801 N Clark St
Mixed Use | 7-Unit | Wrigleyville Investment
Marketing description
3801 N Clark Street is a 100%-occupied, mixed-use corner building at Clark, Racine & Grace in Chicago's Wrigleyville submarket. The property comprises five residential units and two street- level retail tenants — Almost Home Tavern and Cloud Cookie — with staggered lease expirations and over $1.2M in completed capital improvements, reducing near-term expenditure requirements.
In-place income reflects two conditions: a residential base with rents not reset to current market levels, and a retail NNN structure where reimbursements are contractually required but set at 25% of building expenses, below Almost Home's actual 37.58% proportionate footprint. The billboard space remains unactivated pending permit finalization with Doyle Signs. A proposed lease restructuring — maintaining Almost Home's base rent, correcting the reimbursement basis, and activating the billboard — is projected to add approximately $24,000 in annual NOI without displacing any tenants.
Opportunities of this nature — where occupancy is stable, capital has been deployed, and upside is unlocked through lease administration alone — are uncommon in this submarket.
Investment highlights
100% occupied mixed-use corner building at Clark, Racine & Grace in Chicago's Wrigleyville submarket
~$24,000 in additional annual NOI available through lease restructure alone — no tenant displacement, no capital required
NNN retail anchor — Almost Home Tavern (4,275 SF) with contractual reimbursements and lease through 2027 with options
Billboard income — south billboard active; north billboard permit pending with Doyle Signs (projected +$9,000/yr)
Residential upside — 4 of 5 units rolling in 2026 with rents below current market levels
$1.2M+ in completed capital improvements — structural, mechanical, electrical, roof, and retail build-out
Wrigley Field submarket — one of Chicago's highest-traffic, most supply-constrained mixed-use corridors
Favorable in-place tax basis — current bill reflects pre-appeal value; buyers benefit from significant tax savings in Years 1–2
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