Lakeview Value Add Mixed-Use For Sale

Description:

SVN Chicago Commercial is 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 café 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.

Prime Lakeview Location with Exceptional Accessibility and Demographics. Situated in the vibrant Lakeview neighborhood, 1625 W Irving Park Road offers unparalleled convenience and connectivity. Just two blocks west of the CTA Brown Line Station, the property provides easy access to downtown Chicago and other key areas via public transportation. Additionally, the Irving Park (#80) and Ashland (#9) bus lines run nearby, making commuting a breeze.
For drivers, the property benefits from its location along two major thoroughfares—Irving Park Road and Ashland Avenue—ensuring excellent automobile access from throughout Chicago’s north side. Surrounded by a dynamic mix of shops, restaurants, and everyday amenities, this location is ideal for both residential and commercial use.
Demographic Highlights Within a One-Mile Radius:
• Median Household Income: Approximately $172,000
• Population Density: Around 68,000 residents
Strong demographics provide an economically stable neighborhood, making the property an attractive opportunity for investors and businesses.