4001-37 N Lincoln Ave
SOLD
FOR SALE – NNN-LEASED
COMMERCIAL CONDOS
Neighborhood: North Center
Cross Streets: Lincoln Ave & Irving Park Rd
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, COVID Price adjusted to $3,000,000 OR BEST OFFER
9% CAP rate, 15% return on down payment
LOAN ASSUMPTION: There is a CMBS loan with a 4.77% fixed annual interest rate on this property that must be assumed. The current loan balance is approx. $2.4 million with a loan maturity date of October 2025. There is a 1% loan assumption fee + expenses.
PRO FORMA NOI: Approx. $256,000 (as of 2021) with 2.3% average annual rent escalations.
NNN EXPENSES: 2020 Real estate taxes are $105,530 ($10.66/SF). CAM expenses are approx. $35,500 ($3.59/SF) including condo assessments, property insurance, and $13,000 in-house property management fees. All leases are NNN.
RENT ROLL:
*Hair Cuttery filed for bankruptcy 4/23/2020 and rejected its lease
Note: NDA required for confidential rent roll details
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).
Scott Fithian
773-404-4314
scott@lordcompanies.com