2948 Grand Ave
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2948 Grand Ave
31,005 SF Sports & Entertainment Building Offered For Sale in Chicago, IL 60622
Investment Highlights
- Over 5.5 yrs of lease term remaining with 2.5% annual rent escalations
- Over $1.1 Million of renovations and improvement to Property
- Fully leased opportunity
- Tenant’s third location to open & one of five in the Chicagoland area
Executive Summary
Cushman and Wakefield presents for sale the fee simple interest in a 35,233 square foot building located at 2948-2952 West Grand Avenue, Chicago, IL [“the Property”]. First Ascent Climbing & Fitness recently extended its lease on 30,733 square feet for its third location in the market, following the investment of $1.1 Million towards base building improvements, interior work, and exterior renovations
by ownership. The Property is currently 100% occupied and considered a state-of-the-art indoor climbing facility with enclosed parking.
The Property is well positioned at the northeast corner of Grand Avenue and Sacramento Boulevard, in the rapidly gentrifying Chicago neighborhood of West Ukrainian Village. The immediate area has seen a dramatic uptick in development and an increase in property values following the unveiling of “The 606” – a running and biking trail, linking West Ukrainian Village to nearby Logan Square, Bucktown, and Wicker Park neighborhoods. The prime urban location coupled with high-quality internet-resistant tenancy makes this asset a compelling opportunity for the investor seeking a stable rental income stream with value-add upside in an improving submarket.
by ownership. The Property is currently 100% occupied and considered a state-of-the-art indoor climbing facility with enclosed parking.
The Property is well positioned at the northeast corner of Grand Avenue and Sacramento Boulevard, in the rapidly gentrifying Chicago neighborhood of West Ukrainian Village. The immediate area has seen a dramatic uptick in development and an increase in property values following the unveiling of “The 606” – a running and biking trail, linking West Ukrainian Village to nearby Logan Square, Bucktown, and Wicker Park neighborhoods. The prime urban location coupled with high-quality internet-resistant tenancy makes this asset a compelling opportunity for the investor seeking a stable rental income stream with value-add upside in an improving submarket.
Property Facts
| Sale Type | Investment | Building Size | 31,005 SF |
| Sale Conditions | 1031 Exchange | Number of Floors | 2 |
| Property Type | Sports & Entertainment | Year Built/Renovated | 1960/2017 |
| Lot Size | 0.70 AC |
| Sale Type | Investment |
| Sale Conditions | 1031 Exchange |
| Property Type | Sports & Entertainment |
| Lot Size | 0.70 AC |
| Building Size | 31,005 SF |
| Number of Floors | 2 |
| Year Built/Renovated | 1960/2017 |
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Walk Score ®
Very Walkable (83)
Bike Score ®
Very Bikeable (88)
PROPERTY TAXES
| Parcel Number | 16-01-322-036-0000 | Improvements Assessment | £388,860 |
| Land Assessment | £175,482 | Total Assessment | £564,343 |
PROPERTY TAXES
Parcel Number
16-01-322-036-0000
Land Assessment
£175,482
Improvements Assessment
£388,860
Total Assessment
£564,343
zoning
| Zoning Code | M2-3 |
| M2-3 |
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2948 Grand Ave
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