3219 N. Clark St

Description:

his offering is presented by KW Commercial and Keller Williams ONEChicago. Located at 3219 N. Clark Street in Chicago’s vibrant Lake View neighborhood, this property offers a unique redevelopment opportunity. The building, originally constructed in 1925 and classified as Class C, features a gross leasable area (GLA) of 6,992 square feet. With a current tenant occupying the ground floor, the upper floors are primed for conversion to residential apartments, making this a compelling mixed-use investment.

 

Redevelopment Opportunity


Residential Conversion: Potential to transform the 2nd and 3rd floors into (4) 900 SF residential apartments at $65,000 per unit for the renovation.

2nd Floor: (2) 2-bedroom, 2-bathroom unit with a pro forma rent of $3,250 per month.
3rd Floor: (2) 2-bedroom, 2-bathroom unit with a pro forma rent of $3,250 per month.


Ground Floor Commercial Space: Maintains income stability with 3,300 SF of medical office or retail space under a pro forma NNN rent of $33.00/SF annually.


 

Cash Flow Opportunity During Pre-Renovation Phase

The current tenant’s lease, which began on January 1, 2006, runs through December 31, 2027. Starting in January 2026, the base rent will increase to $18,063 per month. This structure provides an investor with the opportunity to generate consistent cash flow (rental income) while obtaining plans and permits for renovations. Renovation work cannot commence until the tenant vacates the property, offering the investor time to prepare while maintaining financial stability.

 

Financial Summary

The purchase price is $2,000,000. The ground-floor lease provides consistent income, with the base rent increasing to $18,063 per month ($31.00/SF) by 2026. The existing lease, which runs through 2027, ensures stable revenue while providing time for the planned residential conversion.

 

Tenant Information

Blum Animal Hospital, part of the national VCA Animal Hospitals Inc. network, currently occupies the ground floor. VCA is recognized for its high-quality pet care and extensive network of over 1,000 locations, providing a stable and reputable tenant for the property during the renovation.

 

Location and Market Overview

Nestled in the affluent and dynamic Lake View neighborhood, the property enjoys a prime location surrounded by shopping, dining, and cultural attractions. It offers excellent visibility, high foot traffic, and proximity to public transportation, enhancing its appeal to both residents and businesses.

 

Investment Highlights

This property combines the security of a long-term, reputable tenant with the significant upside of redevelopment potential.


Mixed-use redevelopment offers diversified income streams.
Phased renovation approach allows for cash flow during construction.
Prime location in a thriving community ensures ongoing demand for residential and commercial spaces.
Triple Net Lease (NNN) structure minimizes landlord expenses while maintaining stable cash flow
Projected total annual income of $220,600 highlights the value of the planned conversion.


The property at 3219 N. Clark Street is an exceptional opportunity for investors seeking to capitalize on Lake View’s robust real estate market while ad. adding value through strategic redevelopment and operational flexibility.


The property at 3219 N. Clark St is ideally located on the east side of Clark Street, just north of the bustling intersection of Clark Street, Diversey Parkway, and Broadway in Chicago’s Lakeview neighborhood. This area is known for its vibrant community and affluent residents, boasting a total population exceeding 432,000 and an average household income of over $125,000 within a three-mile radius.

 

Lakeview is one of Chicago's most desirable neighborhoods, characterized by its dense population and lively atmosphere. The property enjoys prime visibility and accessibility, being positioned along a major retail corridor on Clark Street, which experiences an average traffic volume of 12,180 vehicles per day. This ensures a high level of exposure and foot traffic, essential for retail success.

 

The property's location offers unparalleled convenience with excellent public transportation options. It is situated just a few blocks from the Belmont Purple & Red Line CTA Stations, providing easy access to the broader Chicago area. Additionally, it is less than half a mile from Lakeshore Drive and approximately 2.5 miles from Interstate 90, making it highly accessible for both commuters and visitors.

 

The area surrounding 3219 N. Clark St is rich with amenities and attractions. Advocate Illinois Masonic Medical Center is just a few blocks away, offering a significant draw for healthcare professionals and visitors. Wrigley Field, the iconic home of the Chicago Cubs, is less than a mile north, further enhancing the area's appeal with its frequent events and large crowds.

 

The neighborhood is also a shopping and dining haven, featuring a diverse mix of retailers and eateries. Prominent nearby retailers include Walmart, Mariano’s, Dom’s Kitchen & Market, Trader Joe’s, Walgreens, CVS/Pharmacy, TJ Maxx, and Binny’s Beverage Depot. Entertainment options such as Landmark Century Cinemas add to the area's vibrancy. Beauty and wellness needs are met by establishments like Ulta Beauty, while essential services are provided by FedEx, UPS Store, and Go Grocer.

 

Moreover, the locale is home to numerous popular food and beverage outlets, including Foxtrot, J Crew, AT&T, Starbucks, Chipotle, Taco Bell, Nando’s, Jimmy Johns, Stan’s Donuts, Pizza Hut, Subway, and Dunkin’. This rich variety of amenities ensures that both residents and visitors have everything they need within a short distance, making 3219 N. Clark St a prime location for any retail establishment.