One of the last remaining buildings facing Wrigley Field that’s not already in the mitts of the Cubs or the family who owns the team is up for sale, presenting a rare opportunity for a potential buyer.
Baseball fans are familiar with the greystone property: It’s rooftop and the billboard signage that comes with it is visible from inside the stadium as well as on TV, an advertising space being touted as a passive income opportunity, the Chicago Tribune reported.
Greg Ozog bought the four-unit building at 3631 North Sheffield Avenue in 2000 for $700,000. He’s now seeking $5.9 million. This is the first time the property has been publicly marketed for sale in more than a century, according to a listing of the property by James Sotheby’s International Realty agent Kelly Angelopoulos.
When the Rickett family bought the Cubs in 2009, they also started snagging real estate around Wrigley Field, picking up most buildings outside the its left-field and right-field walls, emphasizing acquisitions of those with rooftop seating. Now along right field, Ozog’s property and 3627 North Sheffield are the only two not on the Rickett’s real estate roster.
While its rooftop historically featured a sightline into the ballpark, Ozog’s property underwent a significant change as the Cubs added a new video screen with a Budweiser sign above the right-field bleachers. That obscured views into the ballpark from the roofs of the buildings at the two North Sheffield buildings, although the 3627 building has bleachers atop it.
Ozog has come down from his initial asking price by 29 percent since he initially listed the property in June for $8.3 million. He tried cutting it to $7.5 million in July and then $7 million in August before the most recent slash last month.
The building is being marketed as an investment property, where there could be a chance to combine units, make upgrades to them or even pursue the addition of bleachers atop the roof to allow views over the Budweiser sign, though it’s unclear if city permission for such a project could be granted.
— Sam Lounsberry
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