LINCOLN BUILDING | 6222 N Lincoln Ave
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LINCOLN BUILDING 6222 N Lincoln Ave
5,187 SF 100% Leased Retail Building Chicago, IL 60659 £711,990 (£137/SF) 12.38% Net Initial Yield
Investment Highlights
- GREAT STREET LEVEL WITH EXCELLENT EXPOSURE
Executive Summary
Owner motivated to sell at the right price, will entertain a reasonable offer.
The building is occupied by a Furniture Store since 2004 paying below market rents. Current Market rate 25 PSF. The year to year lease terminates September 30th 2025. This lease can be terminated sooner with reasonable notice to the tenant.
Buyer can negotiate the lease or terminate the lease as desired. The site has 2 Tax PIN numbers.
For developers, it is a goldmine, can build up to 5 stories, 18 residential units and 4 commercial/retail units.
Up to 7 angled parking by Bernard street is permissible. City zoning is anxious see new development, will cooperate to get maximum FAR.
The building is occupied by a Furniture Store since 2004 paying below market rents. Current Market rate 25 PSF. The year to year lease terminates September 30th 2025. This lease can be terminated sooner with reasonable notice to the tenant.
Buyer can negotiate the lease or terminate the lease as desired. The site has 2 Tax PIN numbers.
For developers, it is a goldmine, can build up to 5 stories, 18 residential units and 4 commercial/retail units.
Up to 7 angled parking by Bernard street is permissible. City zoning is anxious see new development, will cooperate to get maximum FAR.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£103,159
|
£19.89
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
£103,159
|
£19.89
|
| Taxes |
£15,020
|
£2.90
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
£15,020
|
£2.90
|
| Net Operating Income |
-
|
-
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | £103,159 |
| Annual Per SF | £19.89 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | £103,159 |
| Annual Per SF | £19.89 |
| Taxes | |
|---|---|
| Annual | £15,020 |
| Annual Per SF | £2.90 |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | £15,020 |
| Annual Per SF | £2.90 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
5,187 SF
Building Class
C
Year Built
1976
Price
£711,990
Price Per SF
£137
Net Initial Yield
12.38%
NOI
£88,139
Percent Leased
100%
Number of Floors
1
Loading Docks
1 Exterior
Building FAR
1.00
Lot Size
0.12 AC
Zoning
B3-2, Chicago - Site qualifies for up to 16 Condominium Units with Retail and up to 4 stories. With special Zoning request up to 5 stories.
Frontage
Amenities
- Bus Route
- Corner Lot
- Pylon Sign
- Signage
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease End
- UNIQUE FURNITURE
- Retailer
- 5,187 SF
- -
- -
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease End | ||
| UNIQUE FURNITURE | Retailer | 5,187 SF | - | - |
Walk Score ®
Very Walkable (82)
Bike Score ®
Very Bikeable (72)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Numbers | Total Assessment | £89,011 | |
| Land Assessment | £35,461 | Annual Taxes | £15,020 (£2.90/sf) |
| Improvements Assessment | £53,549 | Tax Year | 2024 Payable 2024 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
£35,461
Improvements Assessment
£53,549
Total Assessment
£89,011
Annual Taxes
£15,020 (£2.90/sf)
Tax Year
2024 Payable 2024
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LINCOLN BUILDING | 6222 N Lincoln Ave
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