1059 West Wrightwood Avenue
$1,595,000
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Description
Mixed use building situated on a corner/oversized lot in Lincoln Park, measuring 30x125 and zoned RT-4. The property comprises three units: two apartments and one commercial tenant, with no vacancy in over 30 years. The commercial lease (Tapster), operates under a modified lease, with the tenant responsible for real estate tax and insurance costs proportional for increases over the 2018 base year rates. Additionally, the commercial tenant is accountable for all mechanicals in their space and snow...Mixed use building situated on a corner/oversized lot in Lincoln Park, measuring 30x125 and zoned RT-4. The property comprises three units: two apartments and one commercial tenant, with no vacancy in over 30 years. The commercial lease (Tapster), operates under a modified lease, with the tenant responsible for real estate tax and insurance costs proportional for increases over the 2018 base year rates. Additionally, the commercial tenant is accountable for all mechanicals in their space and snow removal for the building. Apartment 2F, a 3-bed 2-bath duplex with a true primary suite, is leased until April 2025 for 2700/month. Apartment 2R, a condo-quality 2-bed 2-bath duplex with a rain shower and fireplace, is rented for 2700/month until September 1, 2025. Both units offer considerable potential for increased rental income. The property enjoys proximity to Jonquil Park and DePaul University. Tapster, the commercial tenant, pays 5,402 per month plus any water bill costs exceeding 200 (billed every 2 months), with the lease expiring in June 2027 and an option to renew for an additional 5 years thereafter. The lease renews annually every July with a 2.5 increase per annum. Tapster also contributes additional rent proportional to insurance and tax increases as stated above. The property's expenses include 2022 taxes amounting to 21,597, insurance costs of 11,412 (potentially lower if shopped), and an annual water expense of 1200. The property currently operates with a Tavern license. The license is permanently affixed to the property, meaning the current tenant will need to either transfer it to a new tenant (subject to landlord approval) or to the building owner upon vacancy. Tenants cover all heat and gas expenses, while Tapster manages snow removal and landscaping. The furnaces in both units are new, with the 2R unit's furnace being just 2 months old and the 2F unit's furnace being 2 years old. Additionally, all three AC condensers are from 2017 or newer. With recent developments such as Avli Taverna and Love Street joining the block, and Lincoln Commons nearby, the location is hard to beat.
- Listed by Michael Wade • Jameson Sotheby's Intl Realty
- Listed by Dominic Garcia • Jameson Sotheby's Intl Realty
Property Details for 1059 West Wrightwood Avenue
Area
CHI - Lincoln Park
Num of Interior Fireplaces1
ZoningCOMMR
LISTING UPDATED: 11/24/2024 12:07 AM
Property Details for 1059 West Wrightwood Avenue
Status | Active |
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MLS # | 12211324 |
Days on Market | 37 |
Taxes | $21,597 / year |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Mixed Use |
MLS Type | Commercial Sale |
Year Built | - |
Lot Size | 0.08 AC / 3,472 SF |
County | Cook County |
Building
Building Information for 1059 West Wrightwood Avenue
Stories1Residences-Year Built-Lot Size0.08 AC / 3,472 SF
Property Information for 1059 West Wrightwood Avenue
Property History for 1059 West Wrightwood Avenue
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 1059 West Wrightwood Avenue
Taxable ValueLand$52,080Additions$52,920Total$105,000
Tax Record2022$21,597 ($1,800 / month)
Home Facts
Baths5.5Total Finished SqFt4,235 SqFtAbove Grade Finished SqFt4,235 SqFtStories2Lot Size3,472 SqFtStyleMulti-Family Res (5+ Units)Year Built1883CountyCOOKAPN14-29-415-001
Schools near 1059 West Wrightwood Avenue
This home is within Chicago Public Schools.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | PK to 8 | |||
Public - | 9 to 12 | |||
Public - | K to 8 | |||
Public - | PK to 8 |
Rating | School | Distance |
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Mayer Elementary School PublicPK to 8 | ||
Lincoln Park High School Public9 to 12 | ||
Hawthorne Elementary Scholastic Academy PublicK to 8 | ||
Newberry Elementary Math & Science Academy PublicPK to 8 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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