3850 W. Cortland St.
Located at the prominent corner of Armitage & Springfield in the heart of Logan Square, this multi-tenant, multi-use industrial/flex building offers a unique investment opportunity. Spanning 147,000 square feet on 1.15 acres, the property was extensively renovated in 2020 and is currently home to a diverse mix of small to mid-size businesses, including artists, photographers, manufacturers, warehouse operators, and office users.
Current Financials:
-
Net Operating Income (NOI): $411,512 (as of April 1, 2025)
-
Vacant Space: 40,557 SF with potential to generate an additional $33,768/month in rental income when fully leased.
This is a rare chance to acquire a high-yielding asset in one of Chicago’s most dynamic and rapidly evolving neighborhoods. Perfect for investors seeking stable cash flow with upside potential through lease-up and continued asset appreciation.
- Sale Price: $7,500,000
- Property Tax: $224,602
- Annual Net Op. Income: $411,512
- MLS: 12365196
- Building Type: Commercial, Investment, Industrial, Office, Other
- Number of Stories: 2
- Building Square Feet: 147,000
- Site Square Feet: 1
- Zoning: M1-1
Property Details
- Flexible tenant mix with short and long-term leases
- 4 interior loading areas with 2 levelers
- 6 drive-in doors (most opening directly into tenant spaces)
- 10,000 lb freight elevator
- High ceilings: 17′ (1st floor), 14′ (2nd floor), and 10′ (lower level)
- Large windows and skylights
- Newer electric, water, and gas utilities
- Multiple units equipped with newer HVAC systems
- On-site management
- 24/7 tenant access
Location Highlights:
- 2 blocks from 606 Trail.
- Adjacent to Marine Leadership Academy and Sharon Christa McAuliffe Elementary School.
- Potential incentive programs include TIF, Enterprise Zone, Underserved Area (EDGE), and HUBZone eligibility.
- The property sits at the confluence of Logan Square, Humboldt Park, and Hermosa.
- 488 feet of Springfield Ave frontage.
- Convenient access to CTA and Metra transit, major highways, and truck routes.