3743 W Belmont Avenue
Value-Add Retail / Flex Industrial
Marketing description
Greenstone Partners, as the Exclusive Investment Advisor, is pleased to present the opportunity to acquire the 100% fee-simple interest at 3743 W. Belmont Avenue (the “Property”), a ±13,232 square foot retail / flex-industrial investment positioned in Chicago’s Avondale neighborhood.
The Property presents a new investor with a compelling value-add opportunity. 51% of the Property is occupied by Chicago Strength, a local fitness tenant operating on a ‘Net’ lease with 4.6 years remaining. Chicago Strength made a significant investment into their space, reinforcing their stickiness as a tenant at this location. The remaining 6,500 square feet of vacant retail / flex-industrial space provides a new investor with significant upside and the optionality to occupy the space as an owner-user. The vacant space is versatile in use and can be built out to accommodate a wide range of users, including retail, showroom, pet care, light flex / last-mile operations, and other creative flex concepts.
The Property is located in Avondale, an emerging neighborhood on Chicago’s northwest side, in the heart of a dense retail corridor home to national retailers including McDonald’s, Dunkin’, Taco Bell, Wendy’s, Burger King, Walgreens, and AT&T. The Property benefits from its position on Belmont Avenue, a highly visible thoroughfare with 20,100 VPD. Avondale has been undergoing a transformation as the lack of housing pushes residents further away from Chicago’s urban core. New developments include the approved 105-unit development at 3265 N California Avenue, the approved 10-unit mixed-use project at 3122 W Belmont Avenue, and the proposed 24-unit mixed use development at 2955 W Belmont Avenue.
The Property benefits from its location in a densely populated urban setting, with more than 48,500 living within 1 mile of the site. The CTA Blue Line ‘L’ station at Belmont Avenue is just 0.5 miles from the Property and multiple CTA bus routes are within walking distance. The Kennedy Expressway is 0.6 miles east of the Property, providing seamless connectivity to the rest of the city.
Investment highlights
STABLE IN-PLACE INCOME WITH SIGNIFICANT VALUE-ADD UPSIDE
The Property is anchored by Chicago Strength, a well-regarded neighborhood CrossFit and strength-training operator occupying roughly half of the building on a ‘Net’ lease with 2.5% annual escalations. The lease provides a new investor with a stable and growing income stream, while the operator’s specialized fitness buildout, costing upwards of $325,000, makes relocation costly and unlikely. The remaining 6,500 square feet of retail/flex space offers a clear and achievable path to stabilization, providing meaningful upside through lease-up.
OWNER-USER OPPORTUNITY
The vacant 6,500-square-foot space provides flexible owner-user optionality, allowing an investor to occupy a portion of the Property while using the in-place income to help offset ownership costs.
HIGHLY FUNCTIONAL RETAIL / FLEX BUILDING
The ±13,232 square foot building offers a new investor use versatility, configured with 11’ clear height, full sprinkler coverage, and robust 400 amp / 3-phase power. That infrastructure, paired with an open and adaptable floor plate, enables the Property to serve a wide range of users including retail, showroom, pet care, light flex / last-mile operations, and other creative flex concepts.
PREMIER URBAN LOCATION
Prominently positioned along Belmont Avenue, a heavily trafficked east/west artery, the Property benefits from strong street visibility and daily traffic of 20,100 vehicles. Avondale ranks among Chicago’s most active northwest-side commercial corridors, drawing a growing mix of residents, national QSR’s, and neighborhood retailers. National tenants in the immediate area include McDonald’s, Dunkin’, Taco Bell, Wendy’s, Burger King, Walgreens, and AT&T.
EMERGING AVONDALE LOCATION + CONTINUED NORTHWEST SIDE MOMENTUM
Located in Chicago’s Avondale neighborhood, the Property benefits from its position in one of the Northwest Side’s most active emerging submarkets, where strong residential demand, relative affordability, and spillovers from nearby Logan Square have continued to attract new residents and retail tenants. Avondale’s mix of industrial character, improving retail corridors, and growing residential investment creates a compelling backdrop for lease-up, particularly for users seeking functional space in a maturing urban neighborhood. Nearby residential projects include the approved 105-unit development at 3265 N California Avenue, the approved 10-unit mixed-use project at 3122 W Belmont Avenue, and the proposed 24-unit mixed use development at 2955 W Belmont Avenue.
EXCEPTIONAL TRANSIT AND CONNECTIVITY
The Property benefits from its connectivity and proximity to transit. Sitting roughly 0.5 miles from the CTA Blue Line ‘L’ station at Belmont Avenue and within walking distance of multiple CTA bus routes, the Property offers tenants and their customers seamless access to all parts of the city. Additionally, the Kennedy Expressway is 0.6 miles east of the Property.
DENSE URBAN DEMOGRAPHICS
The Property is located in a densely populated urban location, with more than 48,500 people living within a 1-mile radius. The Property has a 1-mile average household income of $108,714 and median home value of $446,800.
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