1003 West Armitage Avenue

Chicago, IL 60614

$2,799,900
Price
Beds
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

Don't miss this extraordinary and rare investment opportunity with a 6.86% CAP RATE in the highly sought-after Lincoln Park neighborhood! This fully stabilized, recently gut-renovated mixed-use property offers a premier investment experience, featuring four residential apartments and one retail space. Strategically located on a desirable street, the property boasts a prime position directly across from the Chicago Transit Authority's (CTA) Brown Line L Train Stop at Armitage. With 100% occupancy...Don't miss this extraordinary and rare investment opportunity with a 6.86% CAP RATE in the highly sought-after Lincoln Park neighborhood! This fully stabilized, recently gut-renovated mixed-use property offers a premier investment experience, featuring four residential apartments and one retail space. Strategically located on a desirable street, the property boasts a prime position directly across from the Chicago Transit Authority's (CTA) Brown Line L Train Stop at Armitage. With 100% occupancy and strong rental income, this investment presents the potential for rent increases while keeping operating expenses low. The commercial tenant covers 40% of CAM (including property tax and insurance), while residential tenants pay for utilities (gas and electricity). Significant recent upgrades, such as a new roof and AC condensers installed in 2022, contribute to the property's long-term value. Each residential unit features hardwood floors, in-unit laundry, quartz countertops, stainless steel appliances, and individual HVAC units, ensuring maximum comfort and appeal for tenants. Take advantage of this exceptional mixed-use property in the heart of Lincoln Park, offering stability, growth potential, and an impressive return on investment for discerning investors.
  1. Listed by Junzhou Cui • Citywide Real Estate

Property Details for 1003 West Armitage Avenue

Area
CHI - Lincoln Park
Num Of Parking Spaces
3.0

Location

Listing Courtesy of Citywide Real Estate
Add your commute
LISTING UPDATED: 11/12/2023 12:07 AM

Property Details for 1003 West Armitage Avenue

StatusActive
MLS #11925147
Days on Market332
Taxes$30,363 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMixed Use
MLS TypeCommercial Sale
Year Built1886
Lot Size0.06 AC / 2,403 SF
CountyCook County

Location

Listing Courtesy of Citywide Real Estate
Add your commute

Building Information for 1003 West Armitage Avenue

Stories-Residences5Year Built1886Lot Size0.06 AC / 2,403 SF

Payment Calculator

$17,810 per month

30 year fixed, 7.25% Interest

Principal and Interest

$15,280

Property Taxes

$2,530

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1003 West Armitage Avenue

General Information
Addtl Parking Information
  • Outdoor Parking: 1-5 Spaces
Location and General Information
  • Geographic Locale: Chicago North
  • Information: 48-Hr Notice Required
Taxes and HOA Information
  • Additional Parcels: No
Property Information
Interior Features
  • Air Conditioning: Central Air
  • Electric: Other
  • Heat/Ventilation: Central Heat/Indiv Controls,Forced Air
  • Num of Baths: 0.0
Exterior Features
  • # Of Apts: 4
Property/Lot Information
  • Tenant Pays: Air Conditioning, Common Area Maintenance, Electricity, Heat
  • Built Before 1978: Yes
  • Approximate Age: New Rehab
  • Lot Dimensions: 25*125
  • Lot Size Square Feet: 2403.0
  • Stories: 3
  • Exterior Building Type: Brick
  • Construction: Concrete, Stone
  • Fire Protection: None
  • Foundation Details: Concrete Perimeter, Stone
  • Building Area Total: 5009
  • # Of Offices: 0
  • # Of Stores: 1
  • Property Sub Type: Apts/Stores
Property and Assessments
  • Public Document Count: 1
  • Document Date: 2023-11-06T20:07:58
  • Photos Count: 26
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Multi-Family Information
  • Number Of Units Total: 5
Income & Expenses
  • Electric Expense: $276.00
  • Fuel Expense: $.00
  • Gross Income: $234,318.00
  • Gross Scheduled Income: $235,040.00
  • Insurance Expense: $7,326.00
  • Electric Expense Source: Actual
  • Total Annual Expense Source: Combination
  • Fuel Expense Source: Actual
  • Insurance Expense Source: Actual
  • Other Expense Source: Broker Projection
  • Trash Expense Source: Actual
  • Total Monthly Income: 19586
  • Water Expense Source: Actual
  • Net Operating Income: $191,598.00
  • Operating Expense: $43,442.00
  • Other Expense: $1,000.00
  • Trash Expense: $1,423.00
  • Water Sewer Expense: $854.00

Property History for 1003 West Armitage Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 1003 West Armitage Avenue

This home is within City Of Chicago School District 299.
Rating
School
Type
Grades
Distance
Public - PK to 8
Public - 9 to 12
Public - PK to 8
Charter - 9 to 12
Rating
School
Distance
Mayer Elementary School
PublicPK to 8

Lincoln Park High School
Public9 to 12

CICS - Quest North Campus
Charter9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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1003 West Armitage Avenue is a mixed use property for sale in Chicago, IL 60614. This property was listed for sale on November 6, 2023 by Citywide Real Estate, it's currently listed at $2,799,900. This listing's school district is City Of Chicago School District 299. Nearby schools include Mayer Elementary School, Lincoln Park High School and Newberry Elementary Math & Science Academy. 1003 West Armitage Avenue is a 0-bed, 0-bath, mixed use property built in 1886.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Citywide Real Estate

Based on information from one of the following Multiple Listing Services: Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by Midwest Real Estate Data LLC (\"MRED\"), MRED PLN GRID, Northwest Indiana REALTORS® Association and NorthWest Illinois Alliance of REALTORS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.