1020 W Belmont Ave, Chicago, IL for sale

Investment Overview

Essex Three Twelve is pleased to offer 1020 W Belmont Ave, a three-unit mixed-use building in one of Chicago's most active North Side submarkets, at $1,324,000. The offering is structured around three distinct return profiles, current, stabilized, and updated, giving investors a clear path from day-one income to a substantially higher-yielding renovated portfolio. Current reflects existing in-place rents, producing a 5.54% cap rate. The two residential units are renting below market at $2,900/month against a $3,100 to $4,000 comparable range, creating immediate embedded upside. Stabilized (Current Condition) simply marks the residential units to today's market rent without any capital investment, pushing the cap rate to 5.82%. This step alone captures a meaningful part of the upside just by re-leasing at current market rates. Updated Units reflects the full upside case. Bringing each residential unit up with in-unit laundry and light cosmetic updates, finishes consistent with comparable renovated 3-beds in the immediate area, allows rents to reach $4,000/month, driving the cap rate to 7.32% and cash-on-cash to 6.47%. Nearby comps at 3216 N Racine and 3253 N Kenmore confirm renovated 3-bed units in this micro market are already achieving $3,800 to $4,250/month, validating the underwritten rents without requiring an unproven premium. The ground floor commercial unit is leased through 10/30/30 to 404 Burgers | Barbecue, a fast-growing local operator with a 4.9-star Google rating and coverage across multiple local food blogs and publications, providing durable, in-place income at the base of the investment. The Property sits directly on Belmont Avenue within a short walk of Wrigley Field, benefiting from the heavy foot traffic the ballpark and surrounding bar and restaurant scene generate on game days and year-round. This built-in demand supports the commercial tenant's rapid growth and reinforces steady residential leasing velocity in the immediate submarket.

Investment Highlights

• Prime Lake View Location: Steps from CTA Belmont, Lake Michigan, Lincoln Park & Belmont’s Vibrant Retail and Dining Corridor
• Three-Unit Mixed-Use: (1) Commercial Storefront and (2) 3-Bed/1-Bath Residential Units
• Strong Commercial Tenancy in Place: Ground-Floor Space Leased Through 2030 (Plus Two 5-Year Options)
• Significant Value-Add Opportunity: In-Place Residential Rents at $2,900/Month, approximately 7% below current market and up to 38% below achievable rents with light renovation.