Mixed-Use Building for Sale in West Town
Mixed-Use Building for Sale in West Town | 7.46% CAP
Marketing description
Property Description
This offering features a fully occupied, stabilized two-story mixed-use building consisting of one NNN retail unit, two residential units, and a 2-car garage. The retail space is leased to Passages Bookstore and Wine Bar through March 2029. The asset is located within the Chicago Avenue TOD overlay boundary and features newly renewed residential leases. West Town is one of Chicago's most dynamic submarkets, known for its historic character, modern development, and highly walkable, amenity-rich environment.
Owned by an Illinois licensed real estate broker.
Location Description
This offering features a fully occupied, stabilized two-story mixed-use building consisting of one NNN retail unit, two residential units, and a 2-car garage. The retail space is leased to Passages Bookstore and Wine Bar through March 2029. The asset is located within the Chicago Avenue TOD overlay boundary and features newly renewed residential leases. West Town is one of Chicago's most dynamic submarkets, known for its historic character, modern development, and highly walkable, amenity-rich environment.
Investment highlights
- Retail tenant: Passages Bookstore and Wine Bar, NNN lease through 3/15/2029, one (1) 5-year option at FMV
- Fully occupied, stabilized asset with newly renewed residential leases
- Located within the Chicago Avenue TOD overlay boundary
- B3-2 zoning permits residential above ground floor with broad commercial use allowance
- Room for rent growth: retail at $28/SF NNN, below current Chicago Ave market rates
- Excellent retail co-tenancy in the immediate area, including Brasero, Guillotine Bakery, Roots Handmade Pizza, Mariano's, Lao Peng You, Altar Cafe, Nettare, Arami, Beatnik, Sprout Home, West Town Bakery, and more.
- Owned by an Illinois licensed real estate broker (disclosure required)
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