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$7,500,000
98 Days Online

3850 W Cortland Street
Chicago, IL 60647

For Sale|Commercial|Active
0
Beds
0
Full Baths
0
Partial Baths
147,000
SqFt
$51
/SqFt
1948
Built
County:
Cook
Listing Courtesy of MRED as distributed by MLS Grid of Sperry Van Ness 312-676-1866

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3850 W Cortland Street3850 W Cortland Street3850 W Cortland Street3850 W Cortland Street
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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.

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Listing Snapshot
Price 
$7,500,000
Days Online 
98 Days
Bedrooms 
N/A
Inside Area (SqFt) 
147,000 sqft
Total Baths 
N/A
Full Baths 
N/A
Partial Baths 
N/A
Lot Size 
1.1 Acres
Year Built 
1948
MLS Number 
11713391
Status 
Active
Property Tax 
$166,755
HOA/Condo/Coop Fees 
N/A
Sq Ft Source 
N/A
Friends & Family
Recent Activity
2 weeks agoListing updated with changes from the MLS
3 months agoListing first seen online
General Features
Number of Stories 
3
Acreage 
1.1
Zoning 
INDUS
Number Of Stories 
3
Interior Features
Cooling 
Window Unit(s)
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Community Features
MLS Area 
CHI - Logan Square
Listing Courtesy of MRED as distributed by MLS Grid of Sperry Van Ness 312-676-1866



Based on information submitted to the MLS GRID as of 2023-10-04 04:05 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: 2023-10-04 04:05 AM UTC
MRED DMCA Copyright Information Copyright © 2023 Midwest Real Estate Data LLC. All rights reserved.

Neighborhood & Commute
Source: Walkscore
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