After two decades of opening and closing, the historic Patio Theater in Portage Park is up for sale.

Built in 1926, the single-screen Patio Theater is one of the few remaining vintage, independently owned movie theaters in Chicago. Though it underwent a significant renovation several years ago, it shut down in April. Its owner, Demetri Kouvalis, can't afford additional repairs, so he hired a broker to sell the building at the intersection of North Austin Avenue and West Irving Park Road.

The property, which includes the 1,500-seat theater plus 18 apartments and retail and office space, is listed for $3 million, according to marketing materials from the broker, Chicago-based Essex Realty Group. A buyer could boost the value of the property by hiking rents, which are below current market levels, said Essex Principal Jim Darrow.

“This building has been in the family for decades. They just haven't been keeping up with the rental market. If the new owner is willing to revamp a bit, there is much to gain by raising rent to current levels,” Mr. Darrow said.

LIVE PERFORMANCES?

The property's apartments, which are all occupied, lack amenities such as a dishwasher and a washer and dryer, in comparison to the higher-priced nearby properties. Some potential buyers are looking into renovating the theater to host live performances, Mr. Darrow said.

Since 1987, the Patio Theater has been managed by the Kouvalis family, which has footed nearly $100,000 in renovations over the past 27 years.

The theater had a profitable run until 2001 when the family could not afford to fix a costly air conditioning system. It remained closed until 2010when the family invested $80,000 to fix the air conditioning, refurbish 300 theater chairs and repaint the interior.

In summer 2012, public money raised on Kickstarter.com helped the family pay for a new digital projection system. After the renovations, Mr. Kouvalis, 25, took over as owner.

“After we reopened things went great for another two to three years. People love that they have this gem in their neighborhood and supported the reopening,” Mr. Kouvalis said.

Although Patio Theater has the capability to show run first-run movies, it has largely chosen to run classics and second- or third-run movies.

'I CAN ONLY DO SO MUCH'

But with mounting competition online and from bigger chain, multi-screen theaters, Patio Theater started to struggle. Then in summer 2013, the air conditioning broke again. And that winter, the heating system broke, too.

“I'm a one-man team. I can only do so much. I did not have the tens of thousands of dollars that was needed for upkeep,” Mr. Kouvalis said.

Although he paid $16,000 for a new heating system, he could not make up the extra $25,000 needed to fix the air conditioning.

“The theater is a part of my family's legacy and a signature part of Chicago's history,” Mr. Kouvalis said. “I'm sad we have to let it go.”