3014 W Irving Park Rd

Strauss Realty, Ltd. has been exclusively engaged to market for sale 3014 W. Irving Park Road, a mixed-use property in Chicago’s Irving Park neighborhood. The building totals approximately 7,267 square feet and includes a 150-seat, 5,183 SF theater, that has 25 ft. ceilings. The high bay section is 46’x58′.  Two 2BD/1BA apartments, gut-renovated in 2016, are generating stable income.

Building Highlights
The property is perfect for an owner-user, providing stable in-place income with the apartment tenants. The theater space has over $1,000,000 in capital improvements, including a full build-out with stage, seating, bar, dressing rooms, and upgraded infrastructure. The residential units were gut-renovated in 2016 with updated mechanicals, plumbing, stainless steel appliances, granite countertops, and new flooring. The asset offers a combination of stabilized income and limited near-term capital needs. The commercial space has a current lease in place until December and then will be ready for use by an owner-user.

Capital Improvements
Ownership has completed significant upgrades, including conversion of the first floor into a theater, structural reinforcement, 1,400-amp electrical service, soundproofing, basement build-out, new roof, and tuck pointing. The apartments were fully renovated with modern finishes and systems. 

Traffic Count: The property is located on Irving Park Road with traffic counts exceeding 41,000 vehicles per day.

Transportation: It offers access to CTA bus routes and the Blue Line, with direct connectivity to O’Hare and downtown Chicago.

Market: Consistent demand for both retail and housing in Irving Park neighborhood.