11906-11908 S. Michigan Avenue Chicago IL 60628
A great opportunity with excellent investment and capital appreciation potential.
Sold on a warranty deed.
Built in 1924, this property is a two story, 4,644 sq ft brick building on a main road. It is mixed use with 3 stores and 4 apartments.
Projected monthly income (once rehabbed) $70,000/ year
The property has 3 stores that face Michigan Avenue which is a busy main road and 4 apartments 2 of which are on the top of the building above the stores and 2 at the rear. There is parking at the rear for up to 6 cars. There is also space for street parking at the front. The property features 4 bathrooms and sits on a 6,000 sq ft lot.
The property needs a full rehab and the city has sent a notice requesting the rehab of the property. The buyer will therefore need start the rehab soon after purchase.
Property Zoning: Class:2-12 (mixed-use commercial/residential building with apartment and commercial)
Great location:
The property is situated in a great location for a business. It is situated on a main busy road in a well-travelled block, close to an extensive network of public transportation.
Bus line: goes through Michigan Ave
TRANSIT/SUBWAY
COMMUTER RAIL
AIRPORT
Local facilities and amenities include:
Restaurants
Gerry's Fish & Chicken 119th St (0.06mi), Manny's Tacos & Burritos (0.4mi), Roseland Pizza & Tacos (0.6mi), GoGo Food (0.7mi), Cal-Harbor Restaurant & Lounge (0.8mi), Calaloo Café (0.9mi), Pepe's Mexican Restaurant (0.9mi), McDonald's (0.9mi), Taurus Flavors (0.9mi), Ranch Steak House (0.9mi), New Tea Garden Chop Suey (1mi), Wendy's (1mi), Taste of Chicago (1mi), Shultz Wings & Hoage (1mi), Skylake Chinese Kitchen (1.1mi), Jack's Wings & Sandwiches (1.1mi), Subway (1.1mi), The Pullman Café (1.1mi), Wendy's (1.1mi), Maxwell Street Pizza (1.1mi), Shrimp House Fish and Chicken (1.1mi), South China Kitchen (1.1mi), Subway (1.1mi), Taste of Chicago (1.2mi), Checkers (1.2mi), Bon Ton Family Dining (1.3mi), Popeyes® Louisiana Kitchen (1.3mi), Damenzo's (1.4mi), Potbelly Sandwich Shop (1.4mi), Off-Track Betting (1.4mi), Blue Soul Restaurant (1.5mi), Harold's Chicken Shack (1.5mi), Barney's Pizzeria (1.5mi), Sharks Fish & Tonys Stake (1.5mi), White Castle (1.5mi), China Garden (1.7mi), J & J Fish (1.7mi), Subway (1.7mi), Harambee House Banquet (1.8mi), Garden Fast Food (1.9mi), Wingz It Iz (1.9mi), Riverdale Marina (2mi), Cafe Peninsula (2mi), Tommy's Chinese Restaurant (2mi), White Castle (2.1mi), Sky Lake Chinese's Kitchen (2.1mi), Shrimps Fish & Chicken (2.1mi), Subway (2.1mi), Church's Chicken (2.1mi), Burger King (2.1mi), Heron Valley Jerk Chicken (2.1mi), 3jjj's Better Taste Jamaican Jerk Restaurant · Hubert Powell (2.1mi)
Coffee
Starbucks (2.3mi), Jeans Cafe & Restaurant (2.4mi), A Lil Something Hot (2.8mi), Ellie's Café (2.9mi), Starbucks (3.2mi), Dunkin' (3.4mi), Bsides Coffee And Tea (3.5mi), Starbucks (4.1mi), Mather’s—More Than a Café (4.6mi), Bridgeport Coffee Company (4.7mi)
Bars
The Factory (1mi), Orleans Lounge (1.1mi), The Excalibur Club (1.2mi), Grace & Romans (1.2mi), Northwood Lounge (1.2mi), Nielsen Harold (1.4mi), Jack's Lounge (1.5mi), Drake Tap (1.5mi), Body 2 Body Swingers Clubs (1.9mi), Mr Bills Tavern (1.9mi), The Dream Bar (2mi), Judi's Sports Bar (2.1mi), Park Tap (2.2mi), The Black Cat Lounge (2.2mi)
Groceries
S&B Food And Liquor (0.03mi), Ana's Food Mart (0.5mi), Jb Liquors (0.5mi), WIC Food Center (0.8mi), Gately/Pullman (Chicago) Farmers Market (1.1mi), ALDI (1.2mi), Maple Park Wine & Spirits (1.3mi), Rosebud Farms (1.5mi), Key Food & Liquor (1.8mi), Pullman Sugar (1.8mi), Dia Food & Liquor (2.1mi), Certified Grocery Basket (2.1mi), Khalil Food & Liquors (2.1mi), Three Roosters Inc (1.1mi), ALDI Chicago, IL (1.2mi), M & Z Food Inc (1.3mi), Sunshine Foods (1.4mi), The Connect (1.4mi), Rosebud Farms (1.4mi), Kings Food & Market (1.5mi), Roseland Food Market (1.6mi), Mode Foods (1.7mi), Elnora's Health Unlimited (1.7mi), Key Food & Liquor (1.8mi), Rose Ridge Foods Inc (1.8mi), Morgan Bark Food (1.8mi), Supermercado El Gallo (3.1mi), Aldi (3.1mi), Miska's Liquor Store (3.1mi), Fairplay Finer Foods (3.2mi), Bios Farm (3.2mi), The Great American Cheese Collection (3.2mi), Moonlight Food & Liquor (3.3mi), South End Alano Klub (3.3mi), Imelda Supermercado (3.4mi), County Fair Foods (3.4mi), Mama Made Sweet Potata Pie (3.5mi), Sweet Freaks Chocolates & Catering (3.5mi), A Choice for Life (3.5mi), Thunder Food & Liquors (3.5mi), Morand's Liquor (3.6mi), George's Food & Liquor (3.6mi), Arandas Liquors (3.7mi), Sibley Food & Liquor (3.8mi), Liquor City (3.8mi), La Unica Grocery (3.8mi), Beverly (Chicago) Farmers Market (3.9mi), Armanetti Town Liquor (3.9mi), Food 4 Less (4mi), Buddys Food Wine & Spirit (4mi), Morgan Park (Chicago) Farmers Market (4mi), Greenwood Liquors & Foods (4mi)
Parks
Kensington Park (0.3mi), Kiwanis Field (0.7mi), Lion Field (0.7mi), West Pullman Park (0.8mi), Palmer Park (0.9mi), Pullman Park (1.2mi), Morgan Field Park (1.4mi), Golden Gate Park (1.4mi), White Park (1.5mi), Park Number 439 (1.5mi), Cooper Park (1.7mi), Whistler Preserve (1.8mi), Ada Park (1.9), Alfred D Kohn Playground (1.9mi), Fernwood Park (2mi), Block Park (2.1mi), Carver Park (2.1mi), Mount Vernon Park (2.1mi), Riverdale Park (2.1mi), Lamb Park (2.2mi), Riverdale Park Recreation Center (2.2mi), Gately Park (2.3mi), Raceway Park (2.4mi), Fernwood Parkway Park (2.5mi), Beaubien Forest Preserve (2.5mi), Smith Park (2.6), Troublemakers Park (2.6mi), Centennial Park (2.6mi), Blackwelder Park (2.6mi), Prospect Gardens Park (2.7mi), Bohn Park (2.8mi), Prairie Park (2.8mi), Euclid Park (2.8mi), Almond Park (2.9mi), Graver Park (2.9mi), Ivanhoe Park (3mi), Abbott Park (3mi), Hart Park (3mi)
Schools
Salem Christian Academy (0.2mi), Rehoboth Educational Academy (0.3mi), Wisdom Learning Academy (0.5mi), Gompers Elementary Fine Arts Opt School (0.5mi), CICS Prairie (0.5mi), Curtis Elementary School (0.5mi), Sanders Academy Of Excellence (0.6mi), Chosen Children of Destiny (0.7mi), Vivian E Summers Child Development Prep (0.9mi), Metcalfe Elementary Community Academy (0.9mi), Haley Elementary Academy (0.9mi), Resourceful Center Academy of Scholars (0.9mi), Pullman Elementary School (1mi), Brooks College Prep Academy High School (1.2mi)
Shopping
Gordon Brothers Supply (0.08mi), Big Sams Mini Mart (0.5mi), Family Dollar Store (0.6mi), Bass Furniture & Rug Co. (0.6mi), Style' N Grace (0.6mi), Edwards Fashions (0.7mi), Plush High Fashion Boutique (0.8mi), City Sports (0.8mi), Snyx (0.8mi), J-Bees (0.9mi), Family Dollar #7056 (0.9mi), Gucci Food Mart (0.9mi), U B Fashions (1mi), Roseland Christian Community Store At 33 East (1mi), The Athlete's Foot (1mi), Yoony Gifts and Wigs (1mi), City Sports (1mi), Big Pawn (1.1mi), Dollar General (1.1mi), Balloons Flowers And Gift Baskets (1.1mi), Pick-A-Tool Rental & Service (1.1mi), Quick Stop Food & Liquor (1.1mi), Express Food Mart & Cellular (1.1mi), Cricket Wireless Authorized Retailer (1.1mi), Family Dollar Store (1.2mi), Furniture 4 Less (1.3mi), DTLR (1.3mi), Community Mini Mart (1.4mi), Dollar General (1.4mi), Shell Gas (1.5mi), Ambassador Floral Co. (1.5mi), Ross Dress for Less (1.7mi), Designs R Up (1.8mi), Dollar Tree (1.8mi), Root Brothers Manufacturing and Supply (2mi), Dollar Tree (2.1mi), Get More Wireless (2.1mi), K & J Shoe Repair (2.1mi), T-Mobile (2.1mi), Family Dollar Store (2.1mi), Simply Fashion (2.1mi), Safari Market Place (2.1mi), Dollar General (2.1mi), Rosemoor Glass & Mirror Co. (2.1mi), Payless Shoe Source (2.2mi), T-Mobile (2.2mi), America's Best Contacts & Eyeglasses (2.2mi), Ashley Stewart (2.2mi), Coat (2.2mi), Old Navy (2.2mi), Dollar Tree (2.2mi), The Children's Place (2.2mi)
Entertainment
Mosnart (1mi), Historic Pullman Foundation (1.1mi), Pullman Administration Building (1.1mi), Halsted Bowl (1.2mi), New Sound Gospel Records & Tapes (1.8mi), A. Philip Randolph Pullman Porter Museum (2.1mi), Redbox (2.3mi), Gately Stadium (2.3mi), Redbox (3.1mi), Beverly Records (3.1mi), Heritage Gallery Chicago (3.2mi), Insomniac Studios (3.2mi), Redbox (3.2mi), Popcorn Photo & Video (3.4mi)
Errands
Kutz Of Essex (0.02mi), Danny's Barber & Beauty Salon (0.4mi), Esthela's Hair Design (0.5mi), Awa Professional Hair Braiding (0.6mi), Royal Barber Shop (0.6mi), Bose Hair Studio (0.6mi), Sunshine Laundry (0.6mi), egacy Cutz (0.6mi), So Fresh & So Clean Laundromat (0.7mi), Giant Beauty Supply (0.9mi), Legends Barber Shop (0.9mi), London's Manifique Hair Salon (0.9mi), Salon One Nineteen (.9mi). Roy's Barber Shop (1mi), Roseland Pharmacy (1mi), Nassi Hair Braiding (1mi), Hair Bazarre (1.1mi), Star Cleaners (1.1mi), U.S. Bank (1.1mi), US Post Office (1.1mi), Chase Branch (1.1mi), Alisa's Hair Studio (1.1mi), Fetish Beauty Bar (1.1mi), Miracles Barber & Beauty (1.1mi), Tata African Hair Braiding (1.2mi), Beauty Forever (1.2mi), Braids and Beauty (1.5mi), Pullman Bank (1.6mi), Kadie African Hair Brading (1.7mi), F.A.T.K.I.D4U (1.9mi), American Ideal Cleaning Co. (2mi), Urban Partnership Bank (2mi), Acme Continental Credit Union (2mi), Bank Financial (2mi), Walgreens (2mi), Ace Hardware (2mi), United Fidelty (2.1mi), The Laundry Bag (2.1mi), Creative Touch (2.1mi)
(walkscore.com)
Features:
Demographics – Chicago 606281
Total population 66,724
Occupational employment:
White Collar 75.86 %
Blue Collar 24.14 %
Owner occupied 57.22%
Average Household income: $ 55,559
1 https://www.point2homes.com/US/Neighborhood/IL/Cook-County/60628-Demographics.html
Daily Traffic on S Michigan Ave: 14000 to 8900 cars/day
https://data.cityofchicago.org/Transportation/Average-Daily-Traffic-Counts-Map/pf56-35rv
THIS IS A UNIQUE OPPORTUNITY FOR THE SAVVY BUSINESS OWNER, DEVELOPER OR INVESTOR TO OWN A POTENTIALLY HIGH INCOME PROPERTY AT A DISCOUNTED PRICE IN A GREAT LOCATION.
Great investment opportunity:
Comparables For sale:
Income potential*:
Once rehabbed, excellent demand is expected for the retail and residential units.
The estimated monthly rent for all 3 retail units is $2,000 to $2,800
Depending on the standard of finish, the apartments will each rent out for: $750- $1,000/ month
The average of the estimated gross monthly rental income is: $5,900 ($70,800/ year)
*hotpads.com , realtor.com, Loopnet.com
Taxes:
Cook County IL - Parcel Tax ID: 25-27-100-025-0000
Yearly tax: $3,162 paid in two instalments*
*based on 2018 figures
PROPERTY IS SOLD AS IS, WHERE IS-
Sold on a warranty deed with seller assuming all issued tax bills and buyer assuming future tax bills.
Winning bidder must contact the seller within 24 Hours after the close of the auction with full details of the buyer.
Buyer will also be responsible for $500 deed prep and doc fee as well as 8 % premium.
10% non-refundable deposit is due within 48 hours of auction close.
Final Payment of balance to be made within 1 week of the Auction close.
All bidders to do their own due diligence and checked the due diligence section. No statement anywhere, whether express or implied, shall be deemed a warranty or representation by the Seller regarding these assets. Buyer is responsible for checking the requirements of the building code department directly and for conducting repairs and fixing any building code violations. Buyers are bound by the Purchase Agreement if attached under the Due Diligence section. All buyers are deemed to have relied entirely on their own information, judgments and inspections of the property in making the decision to purchase the property.
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