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Available For Sale - Industrial , Warehouse

70,000 SF

AVAILABILITY DETAILS

Size
70,000 SF
Price/SF
N/A - Contact for Info
Listing ID
SA515797
Notes
CALL FOR OFFERS | May 18th, 2023.



SVN® Chicago Commercial has been retained to exclusively represent the sale of 3065 N Rockwell Street located in Chicago’s well-located north side Avondale neighborhood. This value-add investment/re-development opportunity provides a Buyer the chance to purchase an approx. 70,000 SF two-building industrial investment portfolio on an ~100,000 SF (2.28 acres) land site on the banks of the Chicago River with 240’ of river frontage and 231’ of Rockwell St. frontage. Home to many different types of small to mid-size businesses, the property boasts a substantial in-place net operating income, providing an exceptional “covered land play”, while the property’s iconic riverfront location provides for tremendous development upside.



All leases can be canceled by the owner upon sale of the property, which provides substantial flexibility for re-tenanting, re-positioning or re-development of the site.



This asset breaks down into approx. 55,000 SF, four-story building, an approx. 15,000 SF single-story building and approx. 73,000 SF of the remaining land. Some additional features and improvements include a seven-dock loading area on the four-story building, new dock doors, a 6000 LBS capacity freight elevator, recently updated utilities, new roof on the single-story building, three drive-in doors, new LED lighting, 100 standard parking spaces, while the four-story building’s north and west exterior walls have been recently tuckpointed, sandblasted and sealed. The site is also included in the Chicago River Corridor Development Plan, which is the framework for the revitalization of the Chicago River.



3065 N Rockwell Street is well located and convenient to CTA and Metra mass transit as well as the I-90/94 expressway, all truck routes and highways. It is easily accessible to surrounding neighborhood sub-markets including Lincoln Park, Lakeview, Roscoe Village, Bucktown, Irving Park, Logan Square and Wicker Park. The property’s prime Avondale location is steps from Metropolitan Brewing Company, Guild Row and Tesla, and is close to DePaul College Prep, Lane Tech College Prep High School, Mariano’s, Jewel-Osco and an abundance of national retailers. The nearest transit stops include the Belmont CTA Blue Line Station and easy access to Metra’s Union Pacific North Line (Clybourn Station) and the Union Pacific Northwest Line (Irving Park Train Station). The property is potentially eligible for TIF, Enterprise Zone, Opportunity Area, Chicago TOD and CHA Mobility Area incentives. Boat docks could be potentially added to the site as well.



This opportunity is being offered Subject to Offer with a 2023 in-place scheduled net operating income of $507,224.
Uses
Industrial
Warehouse

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 you needs.

Listing provided courtesy of
Wayne Caplan, SVN | Chicago Commercial