3111-3117 South Archer Avenue

Chicago, IL 60608

$725,000
Price
Beds
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

Pearson Realty Group been exclusively retained to sell 3 parcels at the SW corner of Ashland Ave and Archer Ave. These 3 properties can be purchased individually, or all together as a package at a discounted price. This is a high traffic location with 26,500 VPD on Ashland and 23,400 VPD on Archer. Directly east across Ashland Ave is a Mariano's Anchored Retail Shopping Center. Commercial neighbors of this property include JC Licht/Ace Hardware, H&R Block, Subway, Burger King, O'Reilly Auto Parts,...Pearson Realty Group been exclusively retained to sell 3 parcels at the SW corner of Ashland Ave and Archer Ave. These 3 properties can be purchased individually, or all together as a package at a discounted price. This is a high traffic location with 26,500 VPD on Ashland and 23,400 VPD on Archer. Directly east across Ashland Ave is a Mariano's Anchored Retail Shopping Center. Commercial neighbors of this property include JC Licht/Ace Hardware, H&R Block, Subway, Burger King, O'Reilly Auto Parts, White Castle, Dollar Tree, T Mobile, Popeyes, Sherwin Williams, GNC, Great Clips, and Mattress Firm. The 1st of the 3 parcels, which is located at 3111 S. Archer, is a one story retail location with a finished basement. The first floor is all open space and the basement area has the same footprint, but includes 2 private rooms with sinks, and a 2 separate bathrooms. The billboard on the roof of this bldg is owned by Clear Channel and they have a easement in perpetuity and own the air rights. In a deal inked many years ago, the owner of this property derives no rental income from that billboard or from any lease payments for the easement. This property is being offered for sale individually for $150,000. This space - and only this space - is also being offered for lease at $1800/mo on a gross basis. The second building is located just west of this at 3115 S. Archer. This is a 2 story building with a full basement. Each floor is approximately 1600 s.f. The first floor is occupied by a long time bar and music venue named One City Tap. The second floor is split up into 7 bedrooms, with 2 bathrooms and one kitchen. This 2nd floor area is licensed as an SRO, and any sale must follow the rules and regulations governing the transfer of an SRO property (click on link in Broker's Private Remarks). 3115 S. Archer Ave is being offered for sale individually for $450,000. This property is not being offered for lease. The third property is just west of this one and has the address of 3117 S. Archer Ave. This is a one story structure with driveway access on Ashland Ave and vehicle egress through an overhead door onto Archer Ave. The long time tenant here is a Car Wash named Fine Touch Pro Detailing and Car Wash. 3117 S. Archer Ave is being offered individually for sale for $200,000. This property is also not being offered for lease. If all 3 properties are purchased individually, the total purchase price will be $800,000. If these 3 properties are purchased all together as a package, they can be acquired for the discounted sale price of $725,000 - again, with the stipulation that any new owner must abide by the City of Chicago's SRO ordinance which dictates the terms and conditions of the transfer of SRO properties. If fully leased, these 3 properties together will produce a gross income of approximately $110,000/yr, and with conservatively estimated Operating Expenses, an NOI of $59,950. At the package deal price of $725,000, this will equate to an 8.27% Cap Rate.
  1. Listed by David McLennan • Pearson Realty Group
  2. Listed by Juan Torres • Pearson Realty Group

Property Details for 3111-3117 South Archer Avenue

Area
CHI - McKinley Park
Zoning
COMMR

Location

Listing Courtesy of Pearson Realty Group
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LISTING UPDATED: 05/02/2024 12:07 AM

Property Details for 3111-3117 South Archer Avenue

StatusActive
MLS #11999201
Days on Market12
Taxes$18,850 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMixed Use
MLS TypeCommercial Sale
Year Built1938
Lot Size0.12 AC / 5,105 SF
CountyCook County

Location

Listing Courtesy of Pearson Realty Group
Add your commute

Building Information for 3111-3117 South Archer Avenue

Stories-Residences10Year Built1938Lot Size0.12 AC / 5,105 SF

Payment Calculator

$5,527 per month

30 year fixed, 7.25% Interest

Principal and Interest

$3,957

Property Taxes

$1,571

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 3111-3117 South Archer Avenue

General Information
Addtl Parking Information
  • Open Parking Spaces: 4.0
Location and General Information
  • Geographic Locale: Chicago South
  • Information: 24-Hr Notice Required
Taxes and HOA Information
  • Additional Parcels: Yes
Property Information
Interior Features
  • Air Conditioning: Central Individual
  • Electric: Separate Meters
  • Heat/Ventilation: Forced Air
  • Num of Baths: 0.0
Exterior Features
  • # Of Apts: 1
  • Water Drainage: Storm Sewers
Property/Lot Information
  • Tenant Pays: Air Conditioning, Electricity, Heat
  • Built Before 1978: Yes
  • Approximate Age: Older
  • Lot Dimensions: 68X113X60X30
  • Lot Size Square Feet: 5105.0
  • Stories: 2
  • Exterior Building Type: Brick
  • Construction: Brick
  • Fire Protection: Fire Extinguisher/s,Sprinklers,Carbon Monoxide Detector(s)
  • Building Area Total: 6950
  • # Of Offices: 0
  • Office SqFt: 2045
  • Other SqFt: 2045
  • Retail SqFt: 1600
  • # Of Stores: 3
  • Warehouse SqFt: 1260
  • Property Sub Type: Apts/Stores
Property and Assessments
  • Public Document Count: 0
  • Photos Count: 15
Virtual Tour/Additional Media
  • Virtual Tour: None
  • Virtual Tour YN: No
Multi Family
Multi-Family Information
  • Number Of Units Total: 10
Income & Expenses
  • Electric Expense: $.00
  • Fuel Expense: $.00
  • Gross Income: $110,400.00
  • Gross Scheduled Income: $110,400.00
  • Insurance Expense: $.00
  • Electric Expense Source: Broker Projection
  • Total Annual Expense Source: Combination
  • Fuel Expense Source: Broker Projection
  • Insurance Expense Source: Broker Projection
  • Other Expense Source: Broker Projection
  • Trash Expense Source: Broker Projection
  • Total Monthly Income: 9200
  • Water Expense Source: Broker Projection
  • Net Operating Income: $55,200.00
  • Operating Expense: $44,160.00
  • Other Expense: $.00
  • Trash Expense: $.00
  • Water Sewer Expense: $.00

Property History for 3111-3117 South Archer Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Schools near 3111-3117 South Archer Avenue

This home is within City Of Chicago School District 299.
Rating
School
Type
Grades
Distance
Public - PK to 5
Public - 6 to 8
Public - 9 to 12
Charter - K to 8
Rating
School
Distance
Greene N Elementary School
PublicPK to 5

Evergreen Academy Middle School
Public6 to 8

Thomas Kelly College Preparatory
Public9 to 12

Namaste Elementary Charter School
CharterK to 8

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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3111-3117 South Archer Avenue is a mixed use property for sale in Chicago, IL 60608. This property was listed for sale on April 25, 2024 by Pearson Realty Group, it's currently listed at $725,000. This listing's school district is City Of Chicago School District 299. Nearby schools include Greene N Elementary School, Evergreen Academy Middle School and Thomas Kelly College Preparatory. 3111-3117 South Archer Avenue is a 0-bed, 0-bath, mixed use property built in 1938.

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 Pearson Realty Group

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. Based on information submitted to the MLS GRID as of 05/02/2024 12:07 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. 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.