8
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$2,250,000
Est. payment /mo
5,000 SqFt
Active
3219 N Clark Street Chicago, IL 60657
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UPDATED:
08/23/2024 10:06 AM
Key Details
Property Type Commercial
Sub Type Retail/Stores
Listing Status Active
Purchase Type For Sale
Square Footage 5,000 sqft
Price per Sqft $450
MLS Listing ID 12139844
Year Built 1926
Annual Tax Amount $34,043
Tax Year 2022
Lot Dimensions 25X200
Property Description
The property is located at 3219 N. Clark Street in the Lake View neighborhood of Chicago, IL. This retail space boasts a gross leasable area (GLA) of 6,992 square feet. Originally built in 1925, the building is classified as a Class C property. It is currently occupied by Blum Animal Hospital. Financial Summary The purchase price for this property is $2,250,000. The current base rent is $16,897 per month, which equates to $29.00 per square foot. In 2025, the base rental amount is scheduled to increase to $18,063 per month, or $31.00 per square foot. The current lease expiration date is 12/31/2027. This property is offered as a Triple Net Lease (NNN), ensuring that the tenant is responsible for property taxes, insurance, and maintenance costs. Lease Details The lease commenced on January 1, 2006, and ends on December 31, 2025. An amendment extends the lease for 24 months, from January 1, 2026, to December 31, 2027. During the extended term, the base rent will be $18,062.66 per month. Tenant Information Blum Animal Hospital, operating under VCA Animal Hospitals Inc., is the current tenant. VCA Animal Hospitals Inc. is a leading provider of pet health care services in the U.S., with a network of over 1,000 animal hospitals. They are known for their high standards of care, innovative treatment options, and commitment to pet health and wellness. The presence of such a reputable and stable tenant adds significant value and security to the investment. Location and Market Overview Located in the vibrant and affluent Lake View neighborhood of Chicago, the property benefits from a prime location known for its shopping, dining, and cultural attractions. It is well-served by public transportation, situated in a high-traffic area with strong pedestrian visibility. The local economy is robust, with a mix of residential, retail, and commercial properties, contributing to stable property values and rental income. Investment Highlights The property offers stable cash flow due to its long-term tenant, Blum Animal Hospital, providing consistent rental income with scheduled increases. The triple net lease structure minimizes the landlord's operational expenses. The prime location in Lake View attracts both residents and businesses, ensuring high demand and occupancy rates. Scheduled rent increases enhance the investment's return potential, and the presence of VCA Animal Hospitals Inc., a reputable national chain, adds security and stability. The retail property at 3219 N. Clark Street presents a compelling investment opportunity, combining stable cash flow, a reputable long-term tenant, and a prime location in Lake View, Chicago. The triple net lease structure reduces operational responsibilities, making this an attractive option for investors seeking a low-maintenance, income-generating asset.
Location
State IL
County Cook
Interior
Cooling Central Air
Fireplace N
Exterior
View Y/N true
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Listed by Anthony Hardy • Keller Williams ONEChicago
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