Property Description
Triton is pleased to offer 3124 N. Broadway, a five (5) unit mixed-use investment opportunity along the Broadway retail corridor in premier Lakeview East. The ±7,600 square foot property features a ±3,800 SF ground-floor storefront occupied by Oak & Honey, a bakery and bistro known for its artisanal breakfast and lunch dishes, and four (4) uniform 2-bedroom / 1-bathroom apartments averaging ±900 SF. Constructed in 1916 and thoroughly renovated in 2020, the apartments offer in-unit laundry, hardwood floors, individual central HVAC, stainless-steel appliances, and custom fixtures. The building is fully occupied, with three of four apartments at or near market and one offering immediate upside.
The commercial tenancy is credit-enhanced and contractually escalating. Oak & Honey's lease runs through September 30, 2029 at $10,133 per month ($32.00/SF), stepping to $10,437 on October 1, 2026, $10,750 in 2027, and $11,073 in 2028, and is secured by two absolute and unconditional personal guaranties. Two five-year renewal options can extend contractual term to September 2039. Recoveries are defined rather than pro rata: the tenant reimburses 40% of real estate taxes and insurance and 80% of water, electric, and snow removal, delivering $29,233 in annual recovery income, billed as monthly Additional Rent and reconciled annually. The tenant also carries all interior systems, grease trap, exhaust hood, and underground plumbing maintenance, and funded its own build-out, which reverts to ownership at expiration.
The asset is built for low-touch ownership. All units are separately metered, with tenants paying their own gas and electric, and Oak & Honey contracting and paying for its own twice-weekly private scavenger service. Ownership retains only water, sewer, residential refuse, and common area utilities, the majority of which are reimbursed under the commercial lease. Interior and building envelope improvements leave a new owner with no deferred capital expenditures, and five (5) rear surface parking spaces — two allocated to the commercial tenant — command a premium in this submarket.
3124 N. Broadway sits just south of Belmont Avenue, steps from the Belmont CTA station, the lakefront, and the dining and entertainment that define Lakeview East. At the $2,945,000 ask, current net operating income of $178,012 represents a 6.04% cap rate, improving to $190,398 and a 6.47% cap rate on a pro forma basis, with 47% of base rent secured through September 2029. That pro forma rent is contractual, not projected — the Lease Year 3 rate of $10,437 per month commences October 1, 2026.
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Property Details
Property Type
Mixed-Use
Year Built
1916
Year Renovated
2020
Current Cap-Rate
6.04
Pro Forma Cap-Rate
6.47
Property Highlights
Income-Diversified Renovated Mixed-Use Asset: Fully occupied five (5) unit property combining a ±3,800 SF ground-floor storefront with four (4) uniform ±900 SF two-bedroom apartments featuring modern amenities and finishes.
Established Retail Tenant Under Lease Through 2029: Oak & Honey, a well-reviewed neighborhood bakery, bistro, and bar operating since 2024, occupies the storefront at $32.00 per square foot with contractual term remaining through September 2029.
Credit-Enhanced Restaurant Lease with Two Renewal Options: Oak & Honey's lease is secured by two absolute and unconditional personal guaranties and carries two five-year renewal options that can extend contractual term to September 2039.
Operational Efficiency & Expense Recovery: All units are separately metered with tenants paying their own gas and electric, while Oak & Honey reimburses $29,233 annually in operating expense and real estate tax recoveries.
Prime Broadway Corridor Location with Parking: Positioned directly on Broadway just south of Belmont with the #36 bus at the door and Belmont CTA Station steps away, plus three (3) rear parking spaces available for lease.