4001 N Lincoln | Prime Retail Spaces

$3,000,000

4001 N Lincoln Ave, Chicago, IL 60618

For Sale

Retail Street Retail

Pending

Last Updated: 05/19/2022

Details:

NOI: $250,000

Cash-on-Cash: 13%

Pro Forma Cap Rate : 8.3%

Building Size: 9,940 sqft

Lease Type: Triple Net

Year Built: 2001

Price Per Sqft: $302

Zoning: B3

Parking Spots: 13

Year Last Renovated: 2020

Gross Leaseable Area: 9,940

Parking Ratio: 1.3

CeilingHeight: 14

Offered by

Scott Fithian

Executive Vice President

The Lord Companies, LLC

#475.150959

Request Info to Unlock

Highlights:

most visible, highest quality construction, best positioned commercial space in this market
strong tenant mix of mostly long-term national and strong local tenants
assumable loan with high LTV minimizes cash requirements, provides above-market ROI

Description:

Seven (7) retail spaces in 3 separate commercial condominiums totaling 9,940 SF plus attached 13-car commercial garage on the ground floor of a newer 5-story 39-unit mixed-use building at the main intersection of Lincoln, Damen and Irving Park Road in North Center. This is the most visible, highest quality construction, best positioned commercial space in this market with a strong tenant mix of mostly long-term national and strong local tenants.
Rent Roll:
Unit Tenant SF Lease/ Rent Start Lease End Tenancy (Years) Remaining Term (Years)
4015 Starbucks 1,650 11'01 02'23 18.4 2.9
4017 Ruby Nails 1,010 04'14 11'24 6.0 4.7
4019 Subway 1,260 08'02 01'25 17.6 4.8
4023 Club Pilates 1,440 12'17 07'23 2.3 3.3
4033A HearUSA/Audiology Distribution 965 02'21 07'26 0.3 5.2
4033B vacant 1,215
4037 Bank of America 2,400 02’21 02'26 0.2 4.8
Total 9,940
Note: NDA required for confidential rent roll details

There is a fixed-rate 4.77% annual interest rate CMBS loan on this property that must be assumed. The current loan balance is approx. $2.4 million with a loan maturity date of October 2025