1020 W Belmont Ave

1020 W Belmont Ave sits in the heart of Lake View, steps from Lakeview East, Wrigleyville, and North Halstead's dense retail, dining, and nightlife corridors along Belmont, Clark, and Halstead. The property is roughly a block from the CTA Belmont station (Red/Brown/Purple Lines), one of the North Side's busiest transit hubs, with additional bus routes along all three corridors providing direct access to the Loop and O'Hare. Lake Michigan, the Lakefront Trail, and Lincoln Park are minutes away, offering beaches, running/biking paths, and green space alongside the neighborhood's walkable, amenity-rich setting. The combination of transit access, lakefront proximity, and a dense entertainment district underpins strong, consistent rental demand from Lake View's young, high-income renter base.Essex Three Twelve is pleased to offer 1020 W Belmont Ave, a three-unit mixed-use building in one of Chicago's most active North Side submarkets, at $1,324,000. The offering is structured around three distinct return profiles, current, stabilized, and updated, giving investors a clear path from day-one income to a substantially higher-yielding renovated portfolio. Current reflects existing in-place rents, producing a 5.54% cap rate. The two residential units are renting below market at $2,900/month against a $3,100 to $4,000 comparable range, creating immediate embedded upside. Stabilized (Current Condition) simply marks the residential units to today's market rent without any capital investment, pushing the cap rate to 5.82%. This step alone captures a meaningful part of the upside just by re-leasing at current market rates. Updated Units reflects the full upside case. Bringing each residential unit up with in-unit laundry and light cosmetic updates, finishes consistent with comparable renovated 3-beds in the immediate area, allows rents to reach $4,000/month, driving the cap rate to 7.32% and cash-on-cash to 6.47%. Nearby comps at 3216 N Racine and 3253 N Kenmore confirm renovated 3-bed units in this micro market are already achieving $3,800 to $4,250/month, validating the underwritten rents without requiring an unproven premium. The ground floor commercial unit is leased through 10/30/30 to 404 Burgers | Barbecue, a fast-growing local operator with a 4.9-star Google rating and coverage across multiple local food blogs and publications, providing durable, in-place income at the base of the investment. The Property sits directly on Belmont Avenue within a short walk of Wrigley Field, benefiting from the heavy foot traffic the ballpark and surrounding bar and restaurant scene generate on game days and year-round. This built-in demand supports the commercial tenant's rapid growth and reinforces steady residential leasing velocity in the immediate submarket.