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LAKEVIEW PORTFOLIO1608 W. BELMONT; 3145-67 N. LINCOLN :: CHICAGO, IL
AVAILABLEFOR SALE
FOR MORE
INFORMAT ION
PLEASE
CONTACT
Keely Polczynski
Vice President
+1 312 861 7870
CBRE is pleased to announce the rare opportunity to acquire two retail properties at the highly visible six-way intersection of Ashland, Belmont and Lincoln in Chicago’s Lakeview neighborhood.
Highlights Include:
• High profile intersection – with average daily traffic counts over 65,000 which are expected to increase once Target opens its newest City Target on the land it recently purchased at the northeast corner of the intersection.
• Myriad of national retailers – at this intersection including Whole Foods, Jewel-Osco, JP Morgan Chase, Petco, Bank of America, Office Depot, Citibank, Core Power Yoga, Caribou Coffee and many more.
• Immediate cash flows with tremendous upside – Together, the properties are 96% leased to a great mix of national tenants including Gap, Subway, Davita, American Mattress and more. With 51% of the square footage expiring next year and Target opening directly across the street, the next owner has the opportunity to create significant value and own irreplaceable real estate.
• High income, densely populated and well educated demographics – Within a one mile radius there are 69,975 residents and 33,373 households with incomes averaging $130,463.
• Iconic real estate- that rarely becomes available for sale.
Price: $9,500,000
Cap Rate: 5.75%
GLA: 29,681 SF
Occupancy: 96%
Offered Individually:
1608 W. Belmont
Price: $3,700,000Cap Rate: 5%GLA: 4,997 SF
3145-67 N. Lincoln
Price: $5,800,000Cap Rate: 6.25%GLA: 24,684 SF
www.cbre.com/keely.polczynski
AVAILABLEFOR SALE
© 2013 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections,
opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful,
independent investigation of the property to determine to your satisfaction the suitability of the property for your needs
CBRE | 311 S Wacker Drive | Suite 400 | Chicago, IL 60606 |
LAKEVIEW PORTFOLIO1608 W. BELMONT; 3145-67 N. LINCOLN :: CHICAGO, IL
2013 Demographics 1Mile 2 Miles 3 Miles
P o p u l a t i o n 69 , 9 7 5 265 , 9 9 0 525 , 3 1 4
A v e r a g e H H I n c o m e $130 , 4 6 3 $98 , 4 1 2 $88 , 0 1 1
G r o w t h 2 0 1 3 - 2 0 1 8 3 . 0 2% 2 . 8 0% 2 . 3 5%
Keely Polczynski
Vice President
+1 312 861 7870
FOR MORE
INFORMAT ION
PLEASE
CONTACT
The two subject properties are located within one block of each other and enjoy some of the best visibility, demographics, and highest traffic counts on the entire north side. As seen in the adjacent table, within a one mile radius of the property there are 69,975 residents with average household incomes of $130,463 and average housing values of $553,944. These households have a relatively balanced rental versus owner ratio as 18,443 are rentals and 14,930 or 45% are owner-occupied. This speaks to the strength of both the rental market in the immediate area as well as the strength of the for-sale market expected in this trade area.
Additionally supportive of the attractiveness of this area, are the average daily traffic counts of 65,000 vehicles per day at the intersection of Ashland, Belmont and Lincoln. All three streets serve as major arteries on Chicago’s north side. Ashland Avenue, a four-lane north-south thoroughfare, is one of the longest streets in Chicago and is peppered with numerous retail and residential developments. Belmont is a major east-west thoroughfare and serves Chicago’s north side from Lakeshore Drive to the Kennedy Expressway. The stretch of Belmont from Lake Michigan to Western is especially dense with mixed use development and street retail. Lincoln Avenue is a “crooked” street that runs diagonal from Lake Michigan to the near north suburbs and also has a large concentration of street retail and residential development. Ashland Avenue alone has average daily traffic counts of 34,100 which bodes well for the north parcel and explains the retailers that have popped up on this stretch of Ashland in recent years including Whole Foods, PNC Bank, Export Fitness and more.
