3850 West Cortland Street located in Chicago's Logan Square neighborhood. This unique value-add/redevelopment investment opportunity consists of an 147,000 SF multi-tenant industrial/flex building that sits on an 48,000 SF land site. Home to many different types of small to mid-size businesses, the property boasts a substantial in-place net operating income while the existing vacancy provides for tremendous upside for a new owner. All leases can be canceled by the Owner upon sale of the property, which provides incredible flexibility to future ownership for re-tenanting or re-positioning the asset. Some additional building features include a four interior dock loading area with two levelers, six drive-in doors - most of which open into tenant spaces, a 10,000 lbs capacity freight elevator, recently updated utilities, 488' of frontage on Springfield Ave, and high ceilings on all 3 floors - 17' high on the first floor, 14' high on the 2nd floor and 10' high on the useable lower level. The building is well located bordering Chicago's Logan Square, Humboldt Park and Hermosa neighborhoods, is convenient to CTA and Metra mass transit as well as all truck routes and highways. The property is also potentially eligible for TIF, Enterprise Zone, Underserved Area (EDGE) and HUBZone incentives. The property's prime Logan Square location is steps from the 606 Trail, Marine Leadership Academy, and Sharon Christa McAuliffe Elementary School. The nearest transit includes the Metra's Milwaukee District's North Line (Healy Station) and Armitage Avenue Bus Route (Bus Route 73). This opportunity is being offered at $7,500,000, which is a 7.8% CAP rate based on the 2023 in-place scheduled net operating income of $585,163.
Courtesy of Sperry Van Ness, Wayne Caplan,
The data relating to real estate for sale on this website comes in part from the Broker ReciprocitySM Program of Midwest Real Estate Data. Real estate listings held by brokerage firms other than Bruce Glazer are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.
Based on information submitted to the MLS GRID for MRED 4/1/23. All data is obtained from various sources and has not been, and will not be, verified by broker, MRED or MLS GRID. MLS Grid and MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. IDX information is provided exclusively for consumers’ personal non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed by MTP or MRED. The use of the MRED Data may be subject to an end-user license agreement prescribed by the Member Participant’s applicable MLS if any and as amended from time to time.
©2023 Listings Courtesy of MRED as distributed by MLS GRID. All rights reserved.
Data last updated 4:11 AM UTC, 4/1/23