4363 N Lincoln Ave
- Prominent, trophy location at Lincoln & Montrose in Lincoln Square
- Immediate +11.5% mark-to-market on apartment units; which enjoy great light and air directly across from Welles Park.
- Future +15% mark-to-market of existing retail rent from $36.51 NNN per SF to $42.00 NNN per SF.
Property Description
Trophy building in the heart of Lincoln Square, at Lincoln and Montrose, a highly visible corner across from Welles Park. The building is anchored by L&M Deli, a neighborhood staple serving deli sandwiches, high-end groceries, as well as beer and wine in addition to four large apartments: (1) three bed / one bath unit and (3) two bed / one bath units. The apartments all have central air conditioning with clean, rental quality finishes (hardwood floors, laminate counter tops, and entry level appliances). Laundry is a shared community room located on the 2nd floor of the building. Immediately adjacent to the building is the newly opened Small Cheval as well as a longstanding Lou Malnati's. L&M Deli has been in business at this location for over five years with five years of term remaining on the lease and (2) five-year options. The space has had extensive upgrades including a large, walk-in freezer in the basement as well as ventilation for the kitchen. A new buyer has the opportunity to mark the existing apartment rents to market amid growing rental pressure with a lack of available supply, all while owning a trophy building with cash flow in place. In the future, additional value-add can be achieved at the lease negotiation with L&M Deli in 2029.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 5 |
| Year Built: | 1915 |
| Lot Size: | 0.06 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
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