Description
Nestled in the bustling heart of Lincoln Park, just a few blocks from the lake, the Leon Hotel presents a unique opportunity with its 48-unit SRO, commercial storefront, and garage. This 3-story property offers affordable housing and features shared bathrooms on each floor (three stalls and two urinals) alongside a convenient sink in every room. The second floor boasts a welcoming common lobby, while the unit mix comprises six larger rooms per floor and 36 standard SRO units. To simplify redevelopment or renovation for the next owner, the current owner has kept most units, including the commercial space, unoccupied, significantly reducing relocation challenges. Recent upgrades to the property include a 2020 boiler installation ($35,000, with an additional $13,000 for repiping), hard-wired smoke alarms in hallways, battery-operated alarms in bedrooms, enhanced fire and heat sensors, tuck-pointing, roof re-coating, and an 80-gallon hot water heater installed three years ago. The retail space features electric heating and a fully renovated client restroom. The SRO license was recently renewed, with all violations addressed and compliance upgrades completed. The property is equipped with 400 AMPs of power for both the retail and residential spaces, positioning it as an ideal investment opportunity. Lastly, zoning change has been investigated, and has many favorable attributes to be possible consider for future change (* No guarantees are conveyed or assumed on an future project)
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0BEDS
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N/AACRES
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0BATHS
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01/2 BATHS
School Ratings & Info
Description
Nestled in the bustling heart of Lincoln Park, just a few blocks from the lake, the Leon Hotel presents a unique opportunity with its 48-unit SRO, commercial storefront, and garage. This 3-story property offers affordable housing and features shared bathrooms on each floor (three stalls and two urinals) alongside a convenient sink in every room. The second floor boasts a welcoming common lobby, while the unit mix comprises six larger rooms per floor and 36 standard SRO units. To simplify redevelopment or renovation for the next owner, the current owner has kept most units, including the commercial space, unoccupied, significantly reducing relocation challenges. Recent upgrades to the property include a 2020 boiler installation ($35,000, with an additional $13,000 for repiping), hard-wired smoke alarms in hallways, battery-operated alarms in bedrooms, enhanced fire and heat sensors, tuck-pointing, roof re-coating, and an 80-gallon hot water heater installed three years ago. The retail space features electric heating and a fully renovated client restroom. The SRO license was recently renewed, with all violations addressed and compliance upgrades completed. The property is equipped with 400 AMPs of power for both the retail and residential spaces, positioning it as an ideal investment opportunity. Lastly, zoning change has been investigated, and has many favorable attributes to be possible consider for future change (* No guarantees are conveyed or assumed on an future project)
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