1954-1970 W Montrose Ave | Chicago, IL 60613
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1954-1970 W Montrose Ave
Chicago, IL 60613
Montrose & Damen · Retail Property For Sale
Executive Summary
Essex Realty Group, Inc. is exclusively engaged to market for sale 1954-70 W. Montrose Ave., located in the highly desirable Ravenswood neighborhood of Chicago, Illinois. This eleven-unit, fully renovated, mixed-use building comprises luxury apartments with fully leased commercial units.
The unit mix consists of two (2) three-bedroom / two-bath, one (1) large Studio, and eight (8) street-level commercial units leased to four tenants at the corner of Montrose Ave. and Damen Ave. The updated residential units feature gourmet kitchens, modern bathrooms, individual HVAC units, domestic hot water tanks, and in-unit laundry. Additionally, each unit has its own private patio area. Retail tenants
include Ravenwood Fitness and Farm Bar, the latest venture from the Farmheads hospitality group.
This is a highly passive investment, with most of the commercial tenants on net leases, and the majority of the building’s expenses are passed through CAM to the tenants, creating minimal operating expenses for the ownership. These long-term tenants have created stability in this asset, making it an iconic and highly recognizable corner in Ravenswood.
The Montrose Brown Line Station is just a few steps from the property, providing tenants easy access to downtown Chicago.
The unit mix consists of two (2) three-bedroom / two-bath, one (1) large Studio, and eight (8) street-level commercial units leased to four tenants at the corner of Montrose Ave. and Damen Ave. The updated residential units feature gourmet kitchens, modern bathrooms, individual HVAC units, domestic hot water tanks, and in-unit laundry. Additionally, each unit has its own private patio area. Retail tenants
include Ravenwood Fitness and Farm Bar, the latest venture from the Farmheads hospitality group.
This is a highly passive investment, with most of the commercial tenants on net leases, and the majority of the building’s expenses are passed through CAM to the tenants, creating minimal operating expenses for the ownership. These long-term tenants have created stability in this asset, making it an iconic and highly recognizable corner in Ravenswood.
The Montrose Brown Line Station is just a few steps from the property, providing tenants easy access to downtown Chicago.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
10,000 SF
Building Class
B
Year Built/Renovated
1950/2009
Price
$4,500,000
Price Per SF
$450
Cap Rate
7.18%
NOI
$322,986
Percent Leased
94%
Tenancy
Multiple
Building Height
1 Story
Building FAR
1.00
Lot Size
0.23 AC
Zoning
B3-1 - Community Shopping District
Amenities
- Bus Line
- Signalized Intersection
PROPERTY TAXES
| Parcel Number | 14-18-218-011-0000 | Improvements Assessment | $329,929 |
| Land Assessment | $133,945 | Total Assessment | $463,874 |
PROPERTY TAXES
Parcel Number
14-18-218-011-0000
Land Assessment
$133,945
Improvements Assessment
$329,929
Total Assessment
$463,874
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