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Kinzie Corridor OFFERING MEMORANDUM 2954 WEST LAKE STREET KINZIE CORRIDOR Presented by: ZACH PRUITT President 312.766.4289 [email protected] NICHOLAS SCHAEFER Vice President 312.766.4285 [email protected] OFFERING 1 2954 W. Lake St. Cawley Chicago is proud to present 2954 W Lake St, a 3,500 SF boutique, loft office/flex building in the Kinzie Corridor two blocks from the City of Chicago’s new $30 million food incubator - The Hatchery. This stand-alone building offers a rare opportunity to acquire a small-boutique building that is becoming near extinct. Ideal for the small business owner looking to purchase for her own use, the investor, or the opportunistic looking to purchase in the next up and coming area. The building is currently subdivided into 1st and 2nd level, with the spaces in move-in ready condi- tions. Each floor has its own private entrance in the front, with shared rear entrance that leads to a surface parking lot. Both floors offer tremendous existing conditions with high-end build outs, and tall, lofted ceilings. The top floor boasts high exposed-timber loft ceilings. First floor bathroom Two blocks from the new Hatchery Chicago, the building is perfectly positioned steps from both the Kedzie and California Green Line stations, two Divvy Stations, a short walk to Garfield Park and two Metra stations. This convenient location provides direct access to the West Loop and downtown via Lake Street, immediate access to I-290 via Sacramento Blvd and quick access to I-90/94 via Western Ave. Contributing to its great location, 2954 W Lake St is situated within the booming Kinzie Corridor, and provides potential buyers a tremendous financial opportunity given the property is within the Kinzie Industrial TIF in addition to the Enterprise 4 Zone. These two City of Chicago programs provide significant financial savings and investment incentives, inclusive of: Sales Tax Exemptions, Real Estate Transfer Tax Exemptions, Machine & Equipment Sales Tax First floor kitchen Exemptions, TIF funds and Utility Tax Exemptions. Priced to sell, 2954 W Lake St is the opportunity you have been looking for. First floor entrance 2 SUMMARY 3 Property Specs Property: 2954 W Lake St Total Building Size: 3,500 SF 1,750 SF per floor x 2 Stories Lot Size: 3,125 SF Parking: 1,350 SF lot on the north side of building Zoning: M1-2 TIF: Kinzie Industrial Corridor Enterprise Zone 4 Matterport tour: https://my.matterport.com/show/?m=9LDEUubSQT5&utm_source=4 Features • 2 blocks from the new $30m food incubator - The Hatchery Chicago • Two floors with move-in ready conditions • High lofted ceilings, with exposed timber on the top floor • Individual front entrances • Ideal for small business owner or investor looking to occupy and lease portion • Walking distance to 2 CTA stations, 2 Metra Stations, Divvy Stations and other public transportation • Direct access to Downtown CBD, and Major Highways • Tremendous opportunity for financial savings and incentives available • Attached surface parking lot • Income opportunity for signage on building with exposure to Lake St and CTA Pricing Sale Price: $380,000 Lease Price: $14.00 - $16.00 per RSF 2017 Taxes: $4,003.56 ($1.14 per RSF) 4 OFFERING 5 Building Floor Plan 6 PROPERTY SURVEY 7 W AUGUSTA BLVD W AUGUSTA BLVD N WOOD ST Neighborhood & N HOYNE AVE W WALTON ST N LEAVITT ST W WALTON ST xi W IOWA ST W IOWA ST Location Summary W IOWA ST W RICE ST CTA & Metra W CHICAGO AVE Kinzie Corridor W CHICAGO AVE 5 Minute Walk to CTA Green Line - N HALSTED ST W CHICAGO AVE California Station & Kedzie Station Chicago W SUPERIOR ST An area that was once overlooked and avoided, N DAMEN AVE N MILWAUKEE AVE N WESTERN AVE N CAMPBELL AVE N ROCKWELL ST N WOLCOTT AVE W SUPERIOR ST N PAULINA ST 11 Minute Walk to Kedzie Metra N OAKLEY BLVD N NOBLE ST N ARMOUR ST the Kinzie Corridor is currently seeing some of the N BISHOP ST N LEAVITT ST W HURON ST (UP-W) Station W HURON ST highest velocity and demand in the city. The Kinzie W HURON ST W HURON ST W ERIE ST N HOYNE AVE Kennedy Expressway Corridor has historically been known as the home for W GRAND AVE W ERIE ST N WOOD ST Divvy Stations companies with heavy manufacturing, industrial and N ASHLAND AVE W OHIO ST Kedzie Ave. & Lake St. warehouse uses. However, as these industries con- N PAULINA ST California Ave. & Lake St. N KINGSBURY ST tinue to change, the neighborhood is evolving along W RACE AVE with them. As traditional industrial and manufactur- W GRAND AVE N OGDEN AVE W GRAND AVE ing companies vacate the area, the Kinzie Corridor is N HOYNE AVE Travel Grand W HUBBARD ST booming with the Makers and the Movers of “New W HUBBARD ST W HUBBARD ST 0.5 Miles from I-290 Expressway Age” manufacturing, industrial, and creative flex- 3.5 Miles to Downtown W KINZIE ST office. Today, the neighborhood is home to, brewer- W KINZIE ST 5 Miles to Oak Park N WOOD ST ies, clothing manufacturers, woodworkers, galleries, Western 11 Minute Walk to Garfield Park N HALSTED ST N CARPENTER ST W CARROLL AVE N PAULINA ST N ELIZABETH ST W CARROLL AVE N RACINE AVE N MAY ST N LEAVITT ST N OAKLEY BLVD N HOYNE AVE W CARROLL AVE N ADA ST W CARROLL AVE coffee roasters, distilleries and many others that are AvenueN ARTESIAN AVE W FULTON ST flocking to call the Kinzie Corridor their home. W FULTON ST W FULTON MARKET N WOLCOTT AVE W FULTON MARKET W FULTON ST N WASHTENAW AVE N FRANCISCO AVE N MAPLEWOOD AVE W WALNUT ST Kinzie IndustrialW WALNUT ST Contributing to the growth and evolution of the W LAKE ST Corridor W LAKE ST Morgan Clinton neighborhood, the City of Chicago has unrolled N JEFFERSON ST W LAKE ST N WOOD ST Ashland N DESPLAINES ST N PEORIA ST W MAYPOLE AVE W RANDOLPH ST N SANGAMON ST N ELIZABETH ST plans to invest capital into the infrastructure of the Damen N MAY ST W LAKE ST N CARPENTER ST area, starting with a new CTA station at Lake St and California W WASHINGTON BLVD N GREEN ST Ogilvie W WASHINGTON BLVDN ABERDEEN ST Damen Ave. Joining in the city’s investment, large N RACINE AVE W WASHINGTON BLVD N THROOP ST N ADA ST Transportation corporations of Conagra Brands and Kellogg have W WARREN BLVD W WARREN BLVD Center also pledged more than $30 million to launch a new W MADISON ST S MORGAN ST S PAULINA ST S LAFLIN ST S JEFFERSON ST S ABERDEEN ST S LEAVITT ST W MADISON ST S RACINE AVE food business incubator, Hatchery Chicago. Argu- UNITED S CALIFORNIA AVE S DAMEN AVE S WASHTENAW AVE S SACRAMENTO BLVD S WESTERN AVE W MONROE ST ably no project in recent times will make as much of CENTER S CLINTON ST S FRANCISCO AVE a positive impact west of Western Ave, as the new S WOOD ST S OGDEN AVE S CANAL ST 67,000 square feet facility located at Lake & Kedzie. W ADAMS ST S LOOMIS ST S ASHLAND AVE S THROOP ST This project will help spur development in the area, W ADAMS ST S HALSTED ST as it helps food start-up companies with access to W JACKSON BLVD resources, expertise and exposure to established W JACKSON BLVD W JACKSON BLVD Chicago food companies. Combined with close proximity Union W VAN BUREN ST to public transportation at the California and Kedzie W VAN BUREN ST Eisenhower Expressway Station Green Line Stations and nearby access to I-290, the Racine Eisenhower Expressway Western Illinois UIC-Halsted Clinton western part of the Kinzie Corridor and Garfield Park Medical are primed for growth and neighborhood revitaliza- W HARRISON ST W HARRISON ST District tion. W HARRISON ST 8 LOCATION ANALYSIS 9 2954 W Lake St - Key Facts 1/2 Mile Radius Chicago, Illinois, 60612 33.1 Median Age City Commons Dominant Tapestry Segment KEY FACTS WORKERS TRAVEL TIME TO WORK 90+ min 8,458 $207,851 60-89 min Total Population Median Home Value 0.1% 45-59 min 2010-17 Pop 40-44 min Growth Rate 2,472 42.2% 35-39 min ACS Workers Age 16+ Drove Alone to Work 30-34 min 218 8,878 25-29 min Businesses Daytime Population TRANSPORTATION TO WORK 20-24 min 15-19 min 10-14 min 5-9 min < 5 min $16,024 0 4 8 12 16 20 Per Capita Income $25,660 39.9% 3.1% Percent of Workers Median Household Took Public Transportation Carpooled 2.6 Income Avg Household TRANSPORTATION TO WORK Size 1/2 Mile Radius 2954 W Lake St, Chicago, Illinois, 60612 This infographic provides information about how KEY SPENDING FACTS ($) 2.7% 4.8% population age 16+ travels to work. This data comes from the the American Community Survey (ACS) from Walked to Work Bike to Work the US Census Bureau. 1,600 1,589 1,200 1,145 944 800 379 400 315 0 Travel Transportation Apparel Entertainment Furniture 10 DEMOGRAPHICS 11 Presented by: ZACH PRUITT HEADQUARTERS President One Lincoln Centre, Suite 120 312.766.4289 Oakbrook Terrace, IL [email protected] NICHOLAS SCHAEFER CHICAGO Vice President 70 N Halsted St, Suite 206 312.766.4285 Chicago, IL [email protected].
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