Value-Add Retail Opportunity | Chicago Sub-1M Entry
±4,000 SF ground-floor retail condominium at 3217-3229 W Montrose Avenue, located in Chicago's Albany Park neighborhood. This fully leased retail condo comprises six individual storefronts within a mixed-use building and is occupied by a diverse mix of local service, food, and professional tenants. Several tenants operate under month-to-month or short-term leases, providing a flexible structure for investors to immediately capitalize on rising market rents or strategically re-tenant as leases roll. Current rents average approximately $20/SF, while nearby market rates are approaching $28/SF, creating a clear value-add opportunity. Positioned along Montrose Avenue-a high-traffic retail corridor with over 21,000 vehicles per day-the property benefits from strong visibility, a dense surrounding residential population, and proximity to CTA bus routes and the Brown Line. Retail vacancy in the surrounding submarket is just 3.1%, highlighting the sustained demand for small-format neighborhood retail in this area. Highlights: ±4,000 SF ground-floor retail condo in mixed-use building Six fully leased storefronts with service, food, and professional tenants Flexible leases: MTM and short-term structure allows near-term repositioning Current rents ~$20/SF with market rents trending toward ~$28/SF MG Montrose Ave frontage with 21,000+ vehicles/day and strong foot traffic Albany Park location with excellent CTA and Brown Line access Low retail vacancy in the submarket: 3.1% Ideal for investors seeking stabilized income with clear upside
