Multi-Tenant Retail Investment
Multi-Tenant Retail Investment
Marketing description
741–747 W. 79th Street is a rare, immediately income-producing multi-tenant retail strip positioned along one of Chicago's most actively revitalizing South Side commercial corridors. Offered at $408,000 — approximately $85.40 per square foot — this asset presents a compelling entry-point basis for investors seeking a blend of in-place cash flow, near-term value-add potential, and long-term corridor appreciation.
The property comprises four street-facing retail storefronts totaling 4,778 square feet on a 7,500 square foot lot in Auburn Gresham (Chicago Community Area 71). Three of the four units are occupied by active commercial tenants — a convenience/grocery store, a children's tutoring center, and a fully built-out restaurant — generating immediate income. The fourth storefront is vacant and move-in ready, representing a direct lease-up upside opportunity that investors can monetize without additional capital investment.
A standout feature not commonly found in retail assets at this price point is the full-footprint basement spanning the entire 4,778 square feet beneath the building. With original limestone walls, structural steel framing, and full plumbing rough-ins already in place, the lower level dramatically increases the total utility of the asset and opens the door for back-of-house operations, commercial storage, or future adaptive reuse.
The surrounding 79th Street corridor is in the midst of a well-documented public and private investment surge. The $35 million Auburn Park Metra Station — now under construction steps from the property — is slated for completion in 2026 and will fundamentally transform commuter accessibility for the neighborhood. Combined with the City of Chicago's INVEST South/West initiative, the adopted 79th Street Corridor Plan, and active streetscape improvements, this corridor is rapidly establishing itself as one of the city's premier South Side repositioning plays.
For the value-add investor, the stabilized-tenancy core provides downside protection while the vacant unit, below-market rents, Enterprise Zone incentives, and Metra-driven appreciation create multiple levers for upside. At $408,000, this is a compelling acquisition at well below replacement cost in a neighborhood on the cusp of a generational inflection point.
Investment highlights
1. Compelling Price Basis — Below Replacement Cost
At $408,000 ($85.40/SF), the acquisition basis sits dramatically below the cost of new retail construction in Chicago. Investors gain immediate equity cushion and meaningful downside protection that is rarely achievable in more established corridors.
2. Immediate, Diversified Income Stream
Three of four storefronts are occupied and revenue-generating from day one. The tenant mix spans food/grocery, education, and food service — three distinct consumer categories that broadly insulate the income stream from any single-sector disruption.
3. Built-In Value-Add: The Vacant Storefront
Unit 743 is vacant, move-in ready, and fully exposed to the street with oversized glass storefront windows and separately metered utilities. Market retail rents along 79th Street present a clear path to increased net operating income without additional capital outlay.
4. Rare Full-Footprint Basement — Bonus Asset
The ~4,778 SF basement is an exceptionally uncommon feature for retail properties in this submarket. Fully plumbed and structurally sound with limestone walls and steel framing, the lower level effectively doubles the functional square footage of the building and provides storage, prep, or expansion capacity not available to competing assets.
5. Established Restaurant-Ready Space Unit 747 (Steel Cooking by Antonio) is an active, operating restaurant storefront with a custom-finished dining room, bar seating, and an outdoor wood patio. Note: the commercial kitchen equipment and tenant improvements were installed by and belong to the current tenant and are not included in the sale. The unit's commercial-use configuration, plumbing infrastructure, and ventilation capacity make it well-suited for a future food & beverage operator to build to their own specifications.
6. Transit-Oriented Positioning — Metra Catalyst Incoming
The $35 million Auburn Park Metra Station, scheduled to open in 2026, will be among the most consequential transit investments on Chicago's South Side in decades. Properties proximate to new Metra stations have historically experienced meaningful appreciation in land value and retail demand. This property is positioned to benefit directly.
7. Enterprise Zone — Tax Incentive Eligibility
The property sits within a designated Enterprise Zone, making it potentially eligible for sales tax exemptions on building materials, investment tax credits, utility tax exemptions, property tax incentives, and job creation credits. Purchasers should verify eligibility through their tax advisors.
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