$1,595,000
1059 W Wrightwood Avenue Chicago, IL 60614
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$1,595,000
Est. payment /mo
4,235 SqFt
New
1059 W Wrightwood Avenue Chicago, IL 60614
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UPDATED:
11/18/2024 04:27 PM
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 4,235 sqft
Price per Sqft $376
MLS Listing ID 12211324
Year Built 1898
Annual Tax Amount $21,597
Tax Year 2022
Lot Dimensions 30X125
Property Description
Mixed use building situated on a corner/oversized lot in Lincoln Park, measuring 30x125 and zoned RT-4. The property comprises three units: two apartments and one commercial tenant, with no vacancy in over 30 years. The commercial lease (Tapster), operates under a modified lease, with the tenant responsible for real estate tax and insurance costs proportional for increases over the 2018 base year rates. Additionally, the commercial tenant is accountable for all mechanicals in their space and snow removal for the building. Apartment 2F, a 3-bed 2-bath duplex with a true primary suite, is leased until April 2025 for 2700/month. Apartment 2R, a condo-quality 2-bed 2-bath duplex with a rain shower and fireplace, is rented for 2700/month until September 1, 2025. Both units offer considerable potential for increased rental income. The property enjoys proximity to Jonquil Park and DePaul University. Tapster, the commercial tenant, pays 5,402 per month plus any water bill costs exceeding 200 (billed every 2 months), with the lease expiring in June 2027 and an option to renew for an additional 5 years thereafter. The lease renews annually every July with a 2.5 increase per annum. Tapster also contributes additional rent proportional to insurance and tax increases as stated above. The property's expenses include 2022 taxes amounting to 21,597, insurance costs of 11,412 (potentially lower if shopped), and an annual water expense of 1200. The property currently operates with a Tavern license. The license is permanently affixed to the property, meaning the current tenant will need to either transfer it to a new tenant (subject to landlord approval) or to the building owner upon vacancy. Tenants cover all heat and gas expenses, while Tapster manages snow removal and landscaping. The furnaces in both units are new, with the 2R unit's furnace being just 2 months old and the 2F unit's furnace being 2 years old. Additionally, all three AC condensers are from 2017 or newer. With recent developments such as Avli Taverna and Love Street joining the block, and Lincoln Commons nearby, the location is hard to beat.
Location
State IL
County Cook
Zoning COMMR
Interior
Cooling Central Air
Fireplaces Number 1
Fireplace Y
Exterior
View Y/N true
© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by Michael Wade • Jameson Sotheby's Intl Realty
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