CROSS STREETS: LINCOLN & IRVING PARK
FOR SALE - NNN-LEASED
NEIGHBORHOOD: NORTH CENTER
4001-37 N LINCOLN
THE LORD COMPANIES, L.L.C.
1030 North Clark Street, Suite 300, Chicago, Illinois, 60610, Phone: 312.944.6270, Fax: 312.944.3759
Property Description: Seven (7) NNN leased retail commercial spaces totaling approx. 9,800 SF plus attached
13-car commercial garage on the ground floor of a newer 5-story 39-unit mixed-use building at the main
intersection of Lincoln, Damen and Irving Park Road in North Center. This is the most visible, highest quality
construction, best positioned commercial space in this market with a strong tenant mix of mostly long-term
national and strong local tenants.
Selling Price: was $3,600,000, now $3,200,000 OR BEST OFFER (8% CAP rate on current income, 11%+
return on down payment)
Loan Assumption: There is a fixed-rate 4.77% annual interest rate CMBS loan on this property that must be
assumed. The current loan balance is approx. $2.5 million with a loan maturity date of October 2025.
NOI: $249,000 with 2.4% average annual rent escalations.
NNN Expenses: 2018 Real estate taxes were $85,744 ($8.75/SF). CAM expenses are approx. $32,200
($3.29/SF) including building assessments, property insurance, and $13,000 in in-house property management
fees. All leases are NNN.
Location: Located at the main 6-corner intersection of Lincoln, Damen and Irving Park in North Center. This
site has outstanding access to all major transportation modes including CTA bus lines on all 3 intersecting
streets, 2 blocks to the Irving Park Brown line subway station away, 1 mile to the Ravenswood Metra station and
2 miles to either Lake Shore Drive or the Kennedy Expressway.
Nearby businesses include CVS, Wintrust Bank, MB Financial Bank, AT&T, T-Mobile, Swedish Covenant
Immediate Care, Chicago Title, and numerous neighborhood restaurants and local businesses.
Traffic Counts: 26,700 vehicles per day (VPD) on Irving Park Road, 11,700 VPD on Lincoln Ave, 15,600 VPD
on Damen Ave.
Zoning: B3 (Community Shopping District) which accommodates a very broad range of retail and service uses.
It is also in the Western South TIF district. 47th Ward (Ald. Ameya Pawar).