5457-5473 West Chicago Avenue
- 1. 22-Unit Mixed-Use Investment Opportunity – Diversified asset featuring 14 residential apartments and 8 street-level commercial units.
- 2. $323,700 in Projected Annual Gross Rental Income – Approximately $26,975 per month at full occupancy, based on seller-provided rental projections.
- 3. $279,300 in Annual Residential and Existing Commercial Rent – Established income streams with additional commercial leasing upside.
- 4. Two Vacant Commercial Storefronts – Opportunity to generate approximately $44,400 in additional annual rental income through commercial lease-up, based on projected rents.
- 5. Approximately 21,080 SF of Rentable Area – Substantial mixed-use property with multiple residential and commercial income sources.
- 6. Potential City of Chicago Grant Incentives – Neighborhood Opportunity Fund (NOF) grants of up to $250,000 and Small Business Improvement Fund (SBIF) grants of up to $150,000 for qualifying projects, subject to eligibility and approval.
- 7. Located Within the Reported Austin Commercial TIF District – Potential access to municipal programs supporting eligible building improvements and neighborhood investment.
- 8. Desirable Residential Unit Mix – Seven one-bedroom, four two-bedroom, and three studio apartments, with approximately 79% consisting of one- and two-bedroom units.
- 9. Established Chicago Avenue Commercial Corridor – Street-level retail exposure with convenient access to Central Avenue, Cicero Avenue, and Austin Boulevard.
- 10. Multiple Value-Add Opportunities – Potential to increase rental income through commercial lease-up, property improvements, and long-term asset stabilization.
Property Description
The Proano Commercial Group is pleased to exclusively present this 22-unit mixed-use investment opportunity located along the Chicago Avenue commercial corridor in Chicago's established Austin neighborhood. Comprising approximately 21,080 square feet of reported rentable area, the property offers a diversified mix of residential apartments and street-level commercial storefronts, providing investors with existing rental income and significant value-add potential. The property features 14 residential apartments, consisting of seven (7) one-bedroom units, four (4) two-bedroom units, and three (3) studios. One- and two-bedroom apartments account for approximately 79% of the residential inventory. Additionally, the property includes eight (8) street-level commercial units, of which six are currently occupied and two are vacant, providing established commercial rental income with additional leasing opportunities. The residential gross rental income, combined with existing commercial rents, totals approximately $279,300 annually, with additional income potential from the two vacant commercial spaces. At full occupancy, the property's projected gross rental income is approximately 323,700 annually (26,975 monthly), offering investors an opportunity to increase income through commercial lease-up and continued property stabilization. A notable investment advantage is the property's reported location within the Austin Commercial Tax Increment Financing (TIF) District, offering potential access to City of Chicago economic development incentives. Programs identified by the City's Department of Planning and Development include the Neighborhood Opportunity Fund (NOF), providing grants of up to $250,000, and the Small Business Improvement Fund (SBIF), offering grants of up to $150,000 for qualifying projects. Additional opportunities may be available through other community development initiatives, subject to eligibility, funding availability, and approval. Situated along Chicago Avenue, the property benefits from an established commercial corridor with convenient access to Central Avenue, Cicero Avenue, and Austin Boulevard. With existing cash flow, diversified income streams, commercial lease-up opportunities, and potential municipal incentives, this offering presents an opportunity for investors seeking to acquire and stabilize a mixed-use asset on Chicago's West Side.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,200,000 |
| No. of Units: | 22 |
| Year Built: | 1923 |
| Lot Size: | 0.34 Acres |
| Opportunity Zone: | No |
| Price per unit: | $54,545 |
| Property Website | Click Here |
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