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Active - Mixed Use for sale
Chicago, IL
Facts & features
Why you’ll love it
Trophy building at the heart of Lincoln Square, a highly visible corner across from Welles Park and Small Cheval. The building is anchored by L&M Deli, a neighborhood staple serving deli sandwiches, high-end groceries, as well as beer, wine, and liquor. In addition, there are four large apartments (1) 3 bed / 1 bath and (3) 2 bed / 1 baths. The building underwent significant renovation in 2007 including the replacement of all copper water lines, all electric, a new main water line, new windows, and the cosmetic renovation of all units. In 2022, new HVAC was installed for all of the retail space. The apartments all have central air AC with clean, rental quality finishes (hardwood floors, laminate counters, and entry level appliances). Laundry is a shared community room on the 2nd floor of the building. L&M Deli has been in business at this location for six years with four years remaining on their lease and (2) five-year options. The space has had extensive upgrades including two large, walk-in freezers, a 1,500 SF air-conditioned prep kitchen in the basement, as well as ventilation and black iron for the kitchen. In-place gross revenue is $229,000; a 10.26x Gross Rent Multiple; and a 6.9% cap rate on in-place income. Existing apartment rents are below-market, averaging $2,173 for the 2 Bed / 1 Bath units and $2,575 for the 3 Bed / 1 Bath. If rest to market rents, a new buyer could achieve stabilized gross revenue of $250,000 within one year of ownership; a 9.6x stabilized Gross Rent Multiple and a 7.7% return-on-cost. A new buyer has the opportunity to mark the existing apartment rents to market amid growing rental pressure and a lack of available supply, all while owning a trophy building with cash flow in place.
Listings courtesy of Essex 312, LLC as distributed by MLS GRID.
Listed by: Philip Leigh • Essex 312, LLC
Co-listed by: Essex 312, LLC
Source: MRED as distributed by MLS GRID, MLS#: 12775292
Based on info available as of Nov 14, 2026 at 1:28 PM EST.
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Affordability
$13,927/mo
- Mortgage$12,110
- Property tax$1,817
- HOA fee
- Homeowners insurance
Beycome estimates only. Actual amounts and terms vary by lender and location.
$47,900 Credit back
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Travel times
About Chicago
This local overview has been generated by Artur AI, for informational purposes only. Please verify all details independently before relying on it.
Flood & climate risk
FEMA Flood Zone X
Outside the high-risk Special Flood Hazard Area — flood insurance is usually optional but still worth considering.
More details
Source: FEMA National Flood Hazard Layer. Confirm on the FEMA Flood Map.
Fire
Storm
Air quality
Pollen
Disclaimer
Midwest Real Estate Data (MRED) All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the Multiple Listing Service. Real estate listings held by brokerage firms other than Midwest Real Estate Data may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. Copyright ©2026 All rights reserved.
Based on information submitted to the MLS GRID as of Nov 14, 2026 at 01:28pm EST. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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