1059 Wrightwood Avenue

    Chicago, IL 60614
    • $1,625,000
    • STATUS: Active
    • ON SITE: 59 days
    • MLS #: 10618809
    UPDATED: 14 min ago
    $1,625,000
    • 0
      BEDS
    • N/A
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,235
      SQFT
    • $384
      $/SQFT
    Neighborhood:
    Type:
    Commercial
    Built:
    1898
    County:

    School Ratings & Info

    Description

    Mixed use building on a corner/over-sized lot in Lincoln Park. 30x125 and zoned RT-4. Corporately held Tavern license is permanently affixed to property. This creates guaranteed commercial occupancy as Tavern licenses are highly sought after and the current tenant will need to either sell the license to a new tenant (per landlord approval) or transfer it to the building owner upon vacancy. Property is 3 units (2 apartments and 1 commercial tenant), no vacancy in over 30 years. Commercial lease is guaranteed by the corporation that holds the Chicago Tavern Liquor License (valued over $100K). Modified gross commercial lease, tenant pays their share of real estate tax and insurance costs - any increase over the 2018 base year. Commercial tenant responsible for all mechanicals in their space and all snow removal for the building. Apartment 2F is 3beds 2 baths with a true master suite and apartment 2R is a condo quality 2 bed 2 bath with rain shower and fireplace, fully updated. Steps from Jonquil Park and DePaul. Commercial lease runs through June 2023 with annual increases (see attached schedule), unit 2R lease runs through 3.31.21 & 2F leased through June 2020. With a light kitchen facelift unit 2F could yield another $500+ a month in rent. Avli Taverna and Love Street just joined the block and Lincoln Commons down the street, the neighborhood is increasing in value as these projects are completed.

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    © 2020 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Baz Network | Keller Williams Elite. Based on information submitted to the MRED as of 2020-04-04T10:49:59.353 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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    1059 Wrightwood Avenue Chicago, IL 60614

    • Price: $1,625,000
    • Status: Active
    • Updated: 14 min ago
    • MLS #: 10618809
    0
    Beds
    0
    Baths
    0
    ½ Baths
    N/A
    Acres
    4,235
    SQFT
    $384
    $/SQFT
    1898
    Built
    Neighborhood:
    Chi - Lincoln Park
    County:
    Cook
    Area:
    Chi - Lincoln Park
    Property Description
    Mixed use building on a corner/over-sized lot in Lincoln Park. 30x125 and zoned RT-4. Corporately held Tavern license is permanently affixed to property. This creates guaranteed commercial occupancy as Tavern licenses are highly sought after and the current tenant will need to either sell the license to a new tenant (per landlord approval) or transfer it to the building owner upon vacancy. Property is 3 units (2 apartments and 1 commercial tenant), no vacancy in over 30 years. Commercial lease is guaranteed by the corporation that holds the Chicago Tavern Liquor License (valued over $100K). Modified gross commercial lease, tenant pays their share of real estate tax and insurance costs - any increase over the 2018 base year. Commercial tenant responsible for all mechanicals in their space and all snow removal for the building. Apartment 2F is 3beds 2 baths with a true master suite and apartment 2R is a condo quality 2 bed 2 bath with rain shower and fireplace, fully updated. Steps from Jonquil Park and DePaul. Commercial lease runs through June 2023 with annual increases (see attached schedule), unit 2R lease runs through 3.31.21 & 2F leased through June 2020. With a light kitchen facelift unit 2F could yield another $500+ a month in rent. Avli Taverna and Love Street just joined the block and Lincoln Commons down the street, the neighborhood is increasing in value as these projects are completed.
    Exterior Features

    Lot Dimensions 30X125 Lot Sq Ft 3472 Number Of Parking Spaces 5

    Interior Features

    Air Conditioning Central Air Fire Protection Alarm On SiteFire Extinguisher/SHydrants On Site Number Of Apts 2 Number Of Dishwashers 2 Number Of Disposals 2 Number Of Dryers 2 Number Of Fireplaces 1 Number Of Offices 0 Number Of Refrigs 2 Number Of Stores 1 Number Of Stories 2 Number Of Washers 2

    Property Features

    Age Older Built Before1978 YN Yes Electrical Service Circuit BreakersOver 600 Amps120V Power Electricity Expense 0 Fuel Expense 0 Geographic Locale Chicago North Gross Rental Income Amount 120252 Heat Ventilation Central Heat/Indiv ControlsForced AirGas Insurance Expense 8487 Insurance Expense Source Actual Known Encumbrances None Known Other Expenses N/A Possession Closing Rental Price 0 Tax Year 2018 Taxes 20289 Tenant Pays Air ConditioningCommon Area MaintenanceElectricHeatReal Property TaxesRepairs And MaintenanceWater/SewerVaries By Tenant Total Annual Exp 29977 Total Annual Income 120252 Total Monthly Income 10021 Water Expense 1200 Water Expense Source Actual Zoning Type Commr

    Listing information © 2020 Midwest Real Estate Data LLC.
    Listing provided courtesy of Compass.


    © 2020 Midwest Real Estate Data LLC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by MTP, MRED or Baz Network | Keller Williams Elite. Based on information submitted to the MRED as of 2020-04-04T10:49:59.353 UTC. All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

    Digital Millennium Copyright Act
     
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