L&M Deli + Apartments

The Lincoln Square neighborhood is located on the north side of Chicago. Greater Lincoln Square encompasses the smaller neighborhoods of Ravenswood Gardens, Ravenswood Manor, Bowmanville, and Budlong Woods. The area has seen tremendous growth in the past decade as evidenced by much of the retail development along Lincoln, Damen and Lawrence Avenues. In many ways, Lincoln Square is a small town within the city. Lincoln Square is also home to Chicago's Annual "Chicago Folk & Roots" music festival and the "German-American Fest", among a variety of other more locally known festivals. The property is centrally located within the neighborhood and benefits from the convenience of nearby retail on Lincoln and Wilson Avenues. The property is also located steps from several bus stops on Western, Montrose, and Lawrence Avenues and less than 0.2 miles from the nearby Western Brown Line CTA (L) stop.Trophy building in the heart of Lincoln Square, at Lincoln and Montrose, a highly visible corner across from Welles Park. The building is anchored by L&M Deli, a neighborhood staple serving deli sandwiches, high-end groceries, as well as beer and wine in addition to four large apartments: (1) three bed / one bath unit and (3) two bed / one bath units. The apartments all have central air conditioning with clean, rental quality finishes (hardwood floors, laminate counter tops, and entry level appliances). Laundry is a shared community room located on the 2nd floor of the building. Immediately adjacent to the building is the newly opened Small Cheval as well as a longstanding Lou Malnati's. L&M Deli has been in business at this location for over five years with five years of term remaining on the lease and (2) five-year FMV options. The space has had extensive upgrades including a large, walk-in freezer in the basement as well as ventilation for the kitchen. A new buyer has the opportunity to mark the existing apartment rents to market amid growing rental pressure with a lack of available supply, all while owning a trophy building with cash flow in place. In the future, additional value-add can be achieved at the fair-market-value lease negotiation with L&M Deli in 2029.