4936 W irving park RD Active Save Request In-Person Tour Request Virtual Tour
Chicago,IL 60641
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID 12466689
Annual Tax Amount $20,763
Tax Year 2023
Lot Dimensions 133x125
Property Sub-Type Mixed Use
Property Description
We are pleased to present the opportunity to acquire 4936-4950 W Irving Park Road, a urban infill mixed-use investment prominently located in Chicago's booming Portage Park neighborhood. The 9,021 sq foot building is situated on 16,625 sq foot of land, featuring 133 feet of frontage along West Irving Park Road and 125 feet of frontage along North Laporte Avenue, including a 22-car parking lot. The two-story building comprises eight (8) retail units on the ground floor and two (2) apartment units on the second floor. All of the tenants are on short-term leases at below-market rents, which presents new ownership with an opportunity to significantly add value. The Property benefits from the premier commercial corridor dubbed Six Corners, which since the mid-1800s has been a business district and by the mid19th century, it was the largest commercial center outside of downtown Chicago after Sears, Roebuck & Co. opened in 1938 as the anchor. The Property is positioned one block west of the eponymous six-corner intersection of Milwaukee/Cicero/Irving Park. The immediate area has experienced a significant number of new developments, including hundreds of apartment units delivered in the last few years, 346 units planned to be developed, plus retail spaces featuring prominent tenants such as Target and ALDI. Other notable tenants within a few blocks of the Property include Binny's Beverage Depot, Jewel Osco, Culver's, Chipotle, Ross Dress for Less, Marshalls, PetSmart, and Walgreens. Located 8-miles northwest of the Chicago CBD 'Loop', the Portage Park neighborhood is known for its rich history and vibrant community. Home to its namesake park, a popular spot for outdoor activities and community events, the neighborhood boasts a unique architectural style dating back to the early late 19th century. The dense urban neighborhood has over 36,000 residents within a 1-mile radius of the Property and 363,000 within 3 miles.
Location
State IL
County Cook
Area Chi - Portage Park
Interior
Cooling Central Air
Fireplace N
Building
Dwelling Type Mixed Use