3135 W Montrose Ave
Marcus & Millichap is pleased to present this mixed-use real estate opportunity in the Albany Park neighborhood of Chicago. The subject property of 3135 West Montrose Avenue is located 7.3 miles northwest of Chicago's downtown loop area, 1.6 miles east of the Kennedy Expressway, 1.7 miles east of the CTA's Irving Park Blue Line train station, 0.4 miles south of the CTA's Kedzie Brown Line train station, and steps from the Montrose & Kedzie bus 78 stop. The unit mix for the subject property consists of two first floor, fully occupied, retail spaces that measure 1,000 and 1,750 square feet, four one-bedroom one-bathroom units that measure 700 square feet, and six two-bedroom one-bathroom units that measure 900 square feet respectively.
The Albany Park neighborhood is considered one of Chicago's most diverse community area's with the highest percentage of foreign born residents. This area is not only one of the most diverse neighborhoods in Chicago, it's also quite affordable and contains a solid inventory of classic Chicago-style bungalows and brick multi-family properties. The neighborhood boasts an unmatched array of multicultural restaurants, including local favorite Noon-O-Kabab and the celebrated falafel of Semiramis. Along the Lawrence Avenue corridor, you will discover independently-owned grocery stores, delicious Korean cuisine and a collection of highly regarded Middle Eastern and Mexican restaurants.
An investor can take full advantage of this real estate opportunity by capitalizing on the prime location of this asset plus the ability to raise current rents to conform with the current rental market.