PROPERTY IS NOW UNDER CONTRACT FOR SALE $779,000.00<BR><BR> This listing is for the sale of SEVEN UNITS (the full mixed-use property). Two storefronts and 5 apartment spaces. (One apartment space is a garden unit with windows on two sides, typically rented together with the coach house unit above --- it works well as a live-work office pairing.) Unusual two building configuration (4,000SF main bldg & 2-story "coach house") on 27x125' lot with a side-street fenced & gated courtyard (with automatic overhead rolling gate). Our block is now changing rapidly. The several new ($1M+) mixed-use condo buildings across the street that were built & foreclosed empty in 2009-2011 are coming back on-line, selling or renting units and leasing storefronts. We've been fully leased-up since the acquisition and rehab of our historic (1900-era) building completed in 2004-2005. Today we have $80K annual rental income. Our two approx 1,000SF high-ceiling ground-level storefronts have each been modestly improved to include code-compliant restrooms and HC accessibility for public use. One storefront has two restrooms built to restaurant or PAV theater code. PAV license is easily obtainable to get approx 40 person seating (or a bit more standing) occupancy in either space. For several years the front store space was an informal music venue hosted by a local jazz & world music impresario. Spaces can be opened for circulation to each other through a large door between, lockable from either side, while each store still has two required emergency exits. One is currently a community library space (Chicago Read-Write Library) about 900SF including a mezzanine storage space and a small kitchenette area. Rear storefront opens to a porch & courtyard with a 4' high loading dock and 6'-0" entry doors for level entry into the space. These were added when we had a furniture-maker tenant in the storefront area. Basement is 1600SF, 7' high ceiling with two exits and a fume hood room used by a frame shop tenant. Unfortunately, City of Chicago storm sewers in this neighborhood fail at least once per year and the basement briefly takes on 12"-18" of water. Ugh. These are supposedly "100-year floods." Maybe a butterfly backflow preventer on the street storm connection ($10K) and a strong auxiliary sump system could keep this from happening, but we've always just kept everything stored 2' above the basement floor and hosed it out clean afterwards. Concrete floors. We understand this happens in all the properties in the neighborhood with full basements. The coach house building has three rentable units, each 500SF. Typically the basement unit is rented with the apartment above. So there are actually three live-work situations possible altogether: two in the main building, where each store has an apartment directly above with a private stairwell in between, and the lower coach unit combines with the coach house (daylight) basement, which has windows on two sides. We've rented that space to an acupuncturist as a one-person clinic in the past, but right now a ceramic artist is mostly using it to store art supplies. Corner lot, Corner storefront. The buildings are structurally sound (2 story masonry, no infiltration or water damage), new roof, plumbing, electrical, HVAC & windows & new covered porches were added in 2005. Original and well-preserved maple hardwood floors in units, W/D hookups, central heat in 2 apartments, efficiency furnaces in two coach units, gas space heat in the coach basement. The main building facade could use tuckpointing next spring.
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