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MLS Properties
10
$360,000 Sale
Listed 16 hours ago
4357 N Lincoln Avenue C IL
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Key Facts
Key facts for 4357 N Lincoln Avenue C IL
Property Type
Commercial
Parking
-
MLS #
12506614
Size
-
Basement
-
Listed on
-
Lot size
-
Tax
$12,241.20 /yr
Days on Market
-
Year Built
2014
Maintenance Fee
-
Description
Perfect commercial condo opportunity for an investor or owner/occupier. The unit is already nicely built out and currently tenanted with an arts and crafts business. B1-2 zoning which permits a variety of retail uses. Tenant pays $3,150 / month until 10/31/26 and $3,200 / month between 11/01/26 ...- 10/31/27. There is an option to renew for an additional 3 years at 5 per cent more than the prior year. Tenant pays for all expenses other than Mortgage, Property Tax and HOA. Low HOA fees currently $85.90 per month. Current passing income implies a cap rate around 7 for 2025. However, property taxes were successfully appealed as of January 2025 and assessed value dropped to $56,250 from $99,251. This implies a material decrease in 2024 property taxes when second installment finally arrives. This lifts the pro forma cap rate to 8 to 9 based on pro forma NOI.
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Listing courtesy of: Berkshire Hathaway HomeServices Chicago

Listings courtesy of MRED as distributed by MLS GRID.