5110 W Chicago Avenue

Chicago's Austin neighborhood is one of the hottest and fastest appreciating areas throughout Chicagoland! This commercial/residential mixed-use property is sizable and has tremendous cash flow upside! Located on an extra-large Chicago lot! Zoned B3-1 - allows for commercial use on the ground floor and residential use above the ground floor! The current unit mix consists of two renovated large commercial/office/storefront/retail spaces on the ground floor and one 3-bedroom, 1-bath residential apartment on the second floor. This building has 4,750 square feet! The residential apartment has 1,250 square feet, one storefront unit has 1,250 square feet and the second storefront unit has 2,250 square feet! Based on retail leasing comparables, the average lease price per square foot is approximately $14.00. Based on residential leasing comparables, the average lease price for a 3-bedroom apartment is approximately $1,400 per month. The smaller commercial/storefront space (1,250 sqft) can rent for $1,450 per month and the larger commercial space (2,250 sqft) can rent for $2,600 per month! Fully rented, this property will generate approximately $5,450 per month in rental revenue, this will yield a 15%+ cap rate after expenses if appropriately executed! The current residential tenant is month/month, and the unit is being rented below market value ($1,000 per mo). Both commercial spaces are vacant, renovated, and ready to rent! The commercial spaces include a full kitchen and public & private bathrooms! Parking available in the back! Extra storage space also available in the rear of the property! Priced to sell so please act swiftly! **Fun facts - Austin is one of 10 priority communities selected as a part of the initial phase of Mayor Lightfoot's INVEST South/West commercial corridor improvement strategy.** There are tens of millions that will be invested in the Austin community, new developments include; rental high rises, a blues museum, cafes, business incubators, shopping centers, etc. There are also development funds available in Austin for investors - The Neighborhood Opportunity Fund (NOF) awards grants to projects that have a catalytic impact on the neighborhood and lead to the construction or rehabilitation of new and existing, publicly accessible, commercial spaces (e.g. grocery stores, retail establishments, or restaurants) or cultural establishments.