Bluebird Lanes - Redevelopment Opportunity

Bluebird Lanes - Redevelopment Opportunity

2.12 Acre Site: 9 Parcels Total which Includes Retail Building Currently Occupied by Bluebird Lanes (bowling alley) | There are 9 Lots that Total 2.12 Acres - Lots are Not Contiguous
Bluebird Lanes has been at the Site for 12 Years and is Currently on a Month-To-Month Basis by Design Offering the Most Flexibility for a New Owner


One Block to Signalized Intersection of Pulaski and Southwest Highway
Approximately 297 Feet of Building Frontage on Columbus Avenue
Approximately 421 Feet of Columbus Frontage on Parking Lot Across from the Building
Approximately 378 Feet of Columbus Frontage on Parking Lot Bordered by W85th and Springfield Avenue
16,300 Vehicles per Day on Columbus

3900 W Columbus Avenue, Chicago, IL 60652

Request Offering Memorandum

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Market Summary

Price                                    $1,300,000

Cap Rate                             8.31%

NOI                                      $108,000

Rentable SF                        27,100 SF

Price per SF                        $47.97

Year Built                            1958

Lot Size                               2.12 Acres

Description

Marcus & Millichap is pleased to present the property located at 3900 W Columbus Avenue in Chicago, Illinois. The sites are located two blocks west of the Pulaski/87th Street/Southwest Highway Interchange. The property for sale spans three separate sites (nine PINs) along Columbus Avenue and will be sold all together. The ownership will not be breaking the property apart.

 

Bluebird Lanes, a bowling alley currently occupies the sole building on the parcel. They are now on a month-to-month lease that will either provide income while a new owner is getting their entitlements for a new development, or a tenant if they should decide to keep the bowling alley on the premises. According to the alderman’s office, the bowling alley site is zoned residential. The parcels bordered by Springfield and Columbus are zoned B3-1 and the last parcel facing Columbus are zone M1-1.

 

There is an appetite for new development in the area and our belief is that this is a redevelopment project. The owners have purposely left the lease on a month to month basis for the flexibility of a new owner.