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$ 2,900,000
Est. payment | /mo
12,995 SqFt
$ 2,900,000
Est. payment | /mo
12,995 SqFt
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 12,995 sqft
Price per Sqft $223
MLS Listing ID 12356730
Year Built 2015
Annual Tax Amount $51,367
Tax Year 2023
Lot Dimensions 85X125
Property Sub-Type Mixed Use
Property Description
Pleased to present an exceptional value-add investment opportunity at 1625 W Irving Park Rd, Chicago - a premium mixed-use property located in the heart of Lakeview, one of Chicago's most vibrant and desirable neighborhoods. The property spans a 10,640 SF lot and is improved with a 12,995 SF, partially four-story mixed-use building, along with a single-story restaurant. A large surface parking area comprising approximately 3,900 SF offers multiple development and use options. Investment Highlights: Significant value-add potential, including: The by-right addition of up to six dwelling units Potential for free-standing residential development Opportunity to reposition and right-size the existing, fully equipped restaurant Property Details: The four-story mixed-use structure, built in 2014, features: Private dining and event space on the first and second floors Four (4) two-bedroom, one-bath residential units on the third and fourth floors An elevator and multiple access points, enabling flexibility to convert the second-floor event space into 2-3 additional dwelling units A full basement supporting restaurant operations The single-story restaurant space (approx. 2,700 SF) includes: A rooftop bar, full kitchen with two hoods A full bar and indoor seating for 103 Additional outdoor patio and sidewalk cafe seating Reconfiguring the restaurant to meet current market demand for smaller, more efficient spaces presents an opportunity to reduce operating costs (labor, utilities, insurance) and command a higher per-SF rental rate. The rear surface parking area with prominent Marshfield frontage offers added flexibility, whether through development of a free-standing rental or condo building, or creation of a dynamic outdoor beer garden. This versatility only enhances the property's value-add upside.
Location
State IL
County Cook
Zoning MULTI
Interior
Cooling Central Individual
Fireplace N
Exterior
View Y/N true
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Listed by Timothy Rasmussen • Sperry Van Ness
676 N Michigan Ave. Ste 3010, Chicago, IL, 60611, United States