Trophy building at the heart of Lincoln Square, a highly visible corner across from Welles Park and Small Cheval. The building is anchored by L&M Deli, a neighborhood staple serving deli sandwiches, high-end groceries, as well as beer, wine, and liquor. In addition, there are four large apartments (1) 3 bed / 1 bath and (3) 2 bed / 1 baths. The building underwent significant renovation in 2007 including the replacement of all copper water lines, all electric, a new main water line, new windows, and the cosmetic renovation of all units. In 2022, new HVAC was installed for all of the retail space. The apartments all have central air AC with clean, rental quality finishes (hardwood floors, laminate counters, and entry level appliances). Laundry is a shared community room on the 2nd floor of the building. L&M Deli has been in business at this location for six years with four years remaining on their lease and (2) five-year options. The space has had extensive upgrades including two large, walk-in freezers, a 1,500 SF air-conditioned prep kitchen in the basement, as well as ventilation and black iron for the kitchen. In-place gross revenue is $229,000; a 10.26x Gross Rent Multiple; and a 6.9% cap rate on in-place income. Existing apartment rents are below-market, averaging $2,173 for the 2 Bed / 1 Bath units and $2,575 for the 3 Bed / 1 Bath. If rest to ...
+ Read More| Listing Id: | 12775292 |
|---|---|
| List Price: | $2,395,000 |
| Property Type: | Commercial Sale |
| Property Type: | Mixed Use |
| Status: | Active |
| Parking On Site: | No |
| Tax Annual Amount: | $21,802 |
| Lot Size Square Feet: | 2,500 |
| City: | Chicago |
| County Or Parish: | Cook |
| Postal Code: | 60618 |
| Year Built: | 1915 |
| Total # Units In Building: | 5 |
| Basement: | false |
| Building Area Total: | 6153 |
| Construction Materials: | Brick |
| Cooling: | Central Air |
| Directions: | Corner of Lincoln & Montrose |
| Electric: | Service - 201 to 600 Amps |
| Electric Expense: | $540 |
| Existing Lease Type: | Net |
| Fuel Expense: | 0 |
| Gross Income: | $233,393 |
| Gross Scheduled Income: | $233,393 |
| Insurance Expense: | $8,058 |
| Lot Size Dimensions: | 2, 502 SF |
| MLS Area Major: | Chi - North Center |
| Approximate Age: | New Rehab |
| Agent Owned/Interest (Y/N): | No |
| # Of Apts: | 4 |
| Built Before 1978 (Y/N): | Yes |
| Electric Expense Source: | Broker Projection |
| Expense Year: | 2025 |
| Total Annual Expense Source: | Combination |
| Fire Protection: | Other |
| Fuel Expense Source: | Actual |
| Geographic Locale: | Chicago North |
| Gross Rent Multiplier: | 10.3 |
| Heat/Ventilation: | Central Heat/Indiv Controls |
| Information: | List Broker Must Accompany, Show-Call Listing Office, 48-Hr Notice Required |
| Insurance Expense Source: | Actual |
| List Price Per Sf: | 389.24 |
| Market Code: | Active |
| Other Expense Source: | Broker Projection |
| # Of Offices: | 0 |
| Property Offered: | For Sale Only |
| Retail Sq Ft: | 4300 |
| Trash Expense Source: | Actual |
| Total Monthly Income: | 19449 |
| # Of Stores: | 1 |
| Update Date: | 2026-10-08T05:05:23 |
| Water Expense Source: | Actual |
| Net Operating Income: | $170,380 |
| Operating Expense: | $51,344 |
| Original List Price: | $2,395,000 |
| Other Expense: | $1,675 |
| Parcel Number: | 14183050010000 |
| State Or Province: | IL |
| Stories: | 3 |
| Tax Year: | 2024 |
| Tenant Pays: | Common Area Maintenance, Electricity, Heat, Janitorial Service, Taxes, Insurance, Repairs, Sewer |
| Township: | Lake View |
| Water Sewer Expense: | $3,183 |
| Zoning: | MULTI |
| Actual Status: | Active |
Listing Courtesy of: Essex 312, LLC
Listing Agent: Philip Leigh
773-606-8472
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Midwest Real Estate Data LLC data last updated on October 08, 2026 04:15 PM - CT
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Property Last Updated: October 08, 2026 04:15 PM - CT
