1059 W Wrightwood Avenue

Chicago, IL 60614

Mixed use building situated on a corner/oversized lot in Lincoln Park, measuring 30x125 and zoned RT-4. The property boasts a corporately held Tavern license, ensuring guaranteed commercial occupancy, a coveted asset given the high demand for such licenses. The license is permanently affixed to the property, meaning the current tenant will need to either transfer it to a new tenant (subject to landlord approval) or to the building owner upon vacancy. The property comprises three units: two apartments and one commercial tenant, with no vacancy in over 30 years. The commercial lease, guaranteed by the corporation holding the Chicago Tavern Liquor License (valued over $100K), operates under a modified gross lease, with the tenant responsible for real estate tax and insurance costs proportional for increases over the 2018 base year rates. Additionally, the commercial tenant is accountable for all mechanicals in their space and snow removal for the building. Apartment 2F, a 3-bed 2-bath duplex with a true primary suite, is leased until April 2025 for $2700/month. Apartment 2R, a condo-quality 2-bed 2-bath duplex with a rain shower and fireplace, is rented for $2600/month until September 1, 2024. Both units offer considerable potential for increased rental income. The property enjoys proximity to Jonquil Park and DePaul University. Tapster, the commercial tenant, pays $5,270 per month plus any water bill costs exceeding $200 (billed every 2 months), with the lease expiring in June 2027 and an option to renew for an additional 5 years thereafter. The lease renews annually every July (new rent being $5402 July 1, 2024) with a 2.5% increase per annum. Tapster also contributes additional rent proportional to insurance and tax increases as stated above. The property's expenses include 2022 taxes amounting to $21,597, insurance costs of $11,412 (potentially lower if shopped), and an annual water expense of $1200. Tenants cover all heat and gas expenses, while Tapster manages snow removal and landscaping. The furnaces in both units are new, with the 2R unit's furnace being just 2 months old and the 2F unit's furnace being 2 years old. Additionally, all three AC condensers are from 2017 or newer. With recent developments such as Avli Taverna and Love Street joining the block, and Lincoln Commons nearby, the location is hard to beat.

Listing Courtesy of MRED as distributed by MLS Grid of Jameson Sotheby's Intl Realty mwade@jamesonsir.com



Based on information submitted to the MLS GRID as of 2024-09-30 09:30 AM UTC. All data is obtained from various sources and may not have been verified by broker or MLS GRID. 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.
Data last updated: 2024-09-30 09:30 AM UTC
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