$725,000
3111 - 3117 S Archer AVE Chicago, IL 60608
15
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$725,000
Est. payment /mo
6,950 SqFt
Active Under Contract
3111 - 3117 S Archer AVE Chicago, IL 60608
UPDATED:
08/17/2024 08:47 AM
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active Under Contract
Purchase Type For Sale
Square Footage 6,950 sqft
Price per Sqft $104
MLS Listing ID 11999201
Year Built 1938
Annual Tax Amount $18,850
Tax Year 2022
Lot Dimensions 68X113X60X30
Property 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, 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.
Location
State IL
County Cook
Area Chi - Mckinley Park
Zoning COMMR
Interior
Cooling Central Individual
Fireplace N
Building
Dwelling Type Mixed Use
Level or Stories 2
Structure Type Brick
© 2024 Listings courtesy of MRED as distributed by MLS GRID. All Rights Reserved.
Listed by David McLennan • Pearson Realty Group
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