Property Description
Triton is pleased to offer for sale 3240 N. Clark, a stabilized eight (8) unit mixed-use investment opportunity in Chicago’s premier Lakeview neighborhood. Situated along one of Lakeview’s most active retail and cultural hubs, 3240 N. Clark represents an excellent addition to any investment portfolio. The property underwent renovation in 2017, providing investors with a well-maintained, "plug and-play" asset in a high-barrier-to-entry market. The unit mix consists of six (6) 1-bedroom / 1-bathroom apartments and two commercial storefronts totaling 2,400 square feet. With updated kitchens featuring granite surfaces and stainless-steel appliances, the apartments cater to the area’s tenant base, while the commercial spaces benefit from the high foot traffic and excellent visibility inherent to the Clark Street corridor.
A key feature of this offering is the consistent history of capital improvements and building maintenance, ensuring a turn-key experience for a new owner. The property has undergone significant updates including a full roof replacement (2013) and the installation of new gutters and downspouts and interior remodel (2017). The building’s exterior was further enhanced with the replacement of the face brick, installation of a new commercial storefront window and door completed in 2022. At the same time, the current owner completed a renovation of the groundfloor commercial space. These improvements, combined with individual central HVAC systems in each unit, minimize near-term capital expenditure requirements and support long-term value.
Operationally, the property is designed for efficiency and ease of management. All units are separately metered for gas and electric, and the inclusion of four rear surface parking spaces provides a significant competitive advantage in a neighborhood where parking is at a premium. While the asset currently provides a stable and diversified income stream, there remains significant upside potential for a new owner. By leveraging the property's prime location near the Belmont CTA station and the strong submarket dynamics of Lakeview, an investor can drive capital appreciation while systematically raising residential rents to match the growing demand of this premier Chicago submarket.
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Property Details
Property Type
Mixed-Use
Year Built
1898
Year Renovated
2017
Current Cap-Rate
5.55%
Pro Forma Cap-Rate
7.05%
Property Highlights
Prime Lakeview Location with Recent Upgrades: Situated steps from the Belmont CTA on the high-traffic Clark Street corridor, this asset features a 2017 rehab and 2022 masonry and storefront improvements.
Fully Occupied & Renovated Mixed-Use Asset: Includes six (6) updated 1-bed / 1-bath apartments and two commercial spaces totaling 2,432 SF, providing a stabilized and diversified income stream.
Operational Efficiency & Value-Add Upside: Features separate tenant-paid utilities, four rear parking spaces, and a clear path to increased revenue by bringing rents to market levels.