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$ 7,500,000
Est. payment | /mo
147,000 SqFt
$ 7,500,000
Est. payment | /mo
147,000 SqFt
Key Details
Property Type Commercial
Sub Type Industrial
Listing Status Active
Purchase Type For Sale
Square Footage 147,000 sqft
Price per Sqft $51
MLS Listing ID 12365196
Year Built 1952
Annual Tax Amount $224,602
Tax Year 2023
Lot Size 1.150 Acres
Lot Dimensions PER SURVEY
Property Sub-Type Industrial
Property Description
Now available for purchase, 3850 West Cortland Street offers a rare chance to acquire a stable, income-producing real estate asset in the heart of Chicago's dynamic Logan Square neighborhood. This 147,000 SF multi-tenant industrial/flex building sits on a 48,000 SF land parcel - this is a compelling opportunity for investors seeking strong in-place cash flow with upside potential through lease-up. The property currently generates a solid net operating income of $411,557 (April 1, 2025 NOI), with potential for additional income by filling vacancy (40,557 SF available for additional $33,768 in monthly income). With a mix of short- and long-term tenants spanning creative, industrial, and office uses, the asset is home to a diverse range of small to mid-size businesses. Importantly, all leases include ownership cancellation rights. Key features include: Four interior dock loading areas with two levelers. Six drive-in doors (most opening directly into tenant spaces). 10,000-lb freight elevator. Updated electrical, water, and gas service. High ceilings: 17' (1st floor), 14' (2nd floor), and 10' (usable lower level). 488 feet of Springfield Ave frontage. Large windows, skylights, and modernized HVAC systems in several units. On-site management and 24/7 access. Located at the intersection of Armitage and Springfield, the property sits at the confluence of Logan Square, Humboldt Park, and Hermosa, with convenient access to CTA and Metra transit, major highways, and truck routes. It is also just two blocks from the 606 Trail and adjacent to Marine Leadership Academy and Sharon Christa McAuliffe Elementary School. Potential incentive programs include TIF, Enterprise Zone, Underserved Area (EDGE), and HUBZone eligibility.
Location
State IL
County Cook
Area Chi - Logan Square
Zoning INDUS
Interior
Cooling Window Unit(s)
Fireplace N
Building
Dwelling Type Industrial
Level or Stories 3
Structure Type Brick
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Listed by Adam Schneiderman • Strauss Realty Ltd
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Sarah Leonard
Broker | Owner