Lakeview Redevelopment Opportunity 3219 N Clark St

Presented by KW Commercial and Keller Williams ONEChicago, this property offers a unique redevelopment opportunity in the vibrant Lake View neighborhood of Chicago, IL. Currently occupied by VCA Blum Animal Hospital through December 2027, the site provides both stable income and long-term potential for mixed-use development.
Property Overview
Address: 3219 N. Clark Street, Chicago, IL
Gross Leasable Area (GLA): 6,992 square feet
Year Built: 1925
Zoning: B1-3
Net Operating Income: $202,000/year
Purchase Price: $2,250,000
This property is positioned to generate cash flow through the current triple net lease (NNN) with VCA Animal Hospitals Inc., a leading national provider of pet healthcare. Upon lease expiration in 2027, redevelopment potential includes the addition of up to eight modern residential apartments, maximizing the property’s zoning and footprint.
Redevelopment Potential
The existing structure, coupled with its zoning, allows for the following redevelopment opportunities:
Residential Conversion:
Second and third floors (1,840 square feet each) can be reconfigured into two 2-bedroom, 2-bath apartments per floor, totaling four units.
Vertical Expansion:
Under current zoning, the property can support extending the second and third floors over the existing 3,200-square-foot first-floor addition, creating four additional 2-bedroom, 2-bath apartments.
Total potential: 8 residential units.
This redevelopment would cater to Lake View's demand for high-quality residential units in a neighborhood renowned for its cultural and recreational amenities.
Current Lease & Financials
Lease Details:
Commenced January 1, 2006
Expires December 31, 2027
Current base rent: $16,897/month ($29.00 per square foot)
Scheduled increase to $18,063/month ($31.00 per square foot) in 2025.
Lease Structure: Triple Net (NNN)
Tenant covers property taxes, insurance, and maintenance costs.
Tenant Profile:
Blum Animal Hospital (operating under VCA Animal Hospitals Inc.), a reputable national brand with over 1,000 locations.
Prime Location
The property is located in Lake View, one of Chicago’s most affluent and active neighborhoods. Known for its bustling shopping and dining scene, the area also boasts strong public transportation access and high foot traffic. These factors make the property highly desirable for both tenants and future residents.
Investment Highlights
Stabilized Income: $202,000 annual NOI with built-in rent increases through 2027.
Redevelopment Potential: Prime zoning for residential conversion and vertical expansion, maximizing property value.
Strategic Location: High-demand area with robust pedestrian and vehicle traffic.
Low Operational Costs: Triple net lease structure ensures minimal landlord expenses.
Future Growth Opportunity: Capitalize on Lake View's sustained demand for modern residential units.
This 6,992-square-foot asset represents an unparalleled opportunity to combine immediate income stability with long-term redevelopment potential. Whether you are an investor looking for cash flow or a developer seeking a prime location to add value, 3219 N. Clark Street offers the best of both worlds.