Address
3400 W LAKE Street, Chicago, IL
Price
$ 650,000
Property Attributes
- MLS#12024163
- TypeCommercial
- CountyCOOK
- CityChicago
- AreaCHI - East Garfield Park
- NeighborhoodGarfield Park
- Zip60624
- StyleCommercial
- Year Built1891
- Taxes$ 6397
- Price$ 650,000
- Bedrooms0
- Full Bathrooms0
- Half Bathrooms0
- Sqr Footage6100
- Lot Size0.130601 Acres
Data Source:
Midwest Real Estate Data (MRED)
Property Description
Exceptional investment opportunity awaits in East Garfield Park, strategically positioned just steps away from the Conservatory and the Kedzie Green Line. This meticulously maintained 5-unit Mixed Use building boasts a diverse portfolio of four commercial units alongside one residential unit, all currently leased. The commercial spaces cater to a variety of needs, featuring a beauty salon, a barbershop, a religious institution, and an automobile tint shop. With the beauty salon secured on a lease until August 2028 and the remaining units on a month-to-month basis, this investment offers both stability and potential for future optimization. Benefiting from M1-3 zoning and a clean bill of health with no current building violations, this property has undergone extensive recent renovations, including plumbing updates, reinforced basement supports, tuckpointing, flashing enhancements, and electrical improvements. Moreover, the investment is bolstered by a streamlined utility structure, with tenants responsible for all expenses except water/sewer/trash, which are managed through two separate water bills. Positioned directly across from the scenic Garfield Park and boasting easy access to transportation hubs such as the Kedzie Green Line and Metra UP-W, as well as proximity to the 290 expressway, this property offers investors an unparalleled blend of convenience and potential for long-term growth. With its prime location near the iconic United Center and a mere 10-minute drive to Downtown, this investment opportunity promises lucrative returns in a rapidly evolving neighborhood ripe with potential.
| Price History | |
|---|---|
| 4/9/2024 | Listed $650,000 |
General Features
| Cooling | Central Air |
|---|---|
| Possession | Closing |
| Zoning | COMMR |
| Construction Materials | Brick |
| Year Built | 1891 |
| Electric | Circuit Breakers |
| Tenant Pays | Air Conditioning,Electricity,Heat |
| Stories | 2 |
| Property SubType | Mixed Use |
| Tax Year | 2022 |
| Current Use | Commercial |
| Gross Income | 7700 |
| County | Cook |
| Insurance Expense | 8821 |
| Property Type | Commercial Sale |
| Possible Use | Commercial,Condominium,Multi-Family,Retail,Special Use |
| Status | Active |
| Directions | Lake Street & Homan Ave |
| City | Chicago |
| Total Units | 5 |
| MLS Area | CHI - East Garfield Park |
| Lot Size Square Feet | 5689 |
| Street Name | LAKE |
| Tax Annual Amount | 6397.71 |
| Water Sewer Expense | 2820 |
| Additional Parcels Y/N | No |
| Virtual Tour | https://real.vision/3400-west-lake-street?o=u |
| Days on Market | 7 |
| Lease Type | Net |
| Standard Status | Active |
| Property Type | Mixed Use |
| Total Actual Rent | 7700 |
Interior Features
| Flooring | Carpet,Wood |
|---|---|
| Street Suffix | Street |
Exterior Features
| Foundation Details | Concrete Perimeter |
|---|---|
| Building Area Total | 6100 |
| Lot Dimensions | 50X115 |
| Frontage Type | City Street |
| Exterior | Brick |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Commercial Average in 60624
Price
Taxes
Visits
Year Built
