1555 N Milwaukee Ave - Apartments FOR SALE


Chicago, IL 60622- Wicker Park
$2,900,000 USD
312-529-5791
1555 N Milwaukee Ave, Chicago, IL for Sale
$2,900,000 USD
Apartments - FOR SALE
1/10
null | 6.49% Cap Rate

1555 N Milwaukee Ave
Chicago, IL 60622
Wicker Park


HIGHLIGHTS

  • 17 Apartments and one approx. 1800 SF ground floor retail space with under-market rents for both the apartments and retail space
  • Apartment unit mix of 13 two-room studios, three one-room studios and one three-room one bedroom unit
  • Smaller apartments garner higher chunk rent prices due to limited supply
  • Steps to the "Six Corners" intersection of Milwaukee, Damen and North Ave and a Short walk to "The 606 Trail"
  • High-profile retail area with incredible shopping and restaurants with dozens of national, regional and local shops and eateries in the immediate area
  • Consistently one of Chicago's top and most sought-after residential and retail corridors

OVERVIEW

SVN Chicago Commercial is pleased to offer for sale a beautiful, fully leased, mixed-use building on Chicago's thriving Wicker Park neighborhood. This four-story property consists of 17 apartments and a ground floor +/- 1,790 SF retail space. This property, which has historically had full occupancy, also offers a value-add opportunity with light rehab of the apartments and turnover of an under-market retail space. The apartment unit mix consists of thirteen two-room studios, three one-room studios and one-three room one bedroom, all of which are very sought after by residential tenants due to limited supply. The commercial tenant, "Wanna Vintage", has a short-term lease that affords the ability to increase the rent on the commercial space. Incredible retail corridor with dozens of immediate area high-traffic shops and eateries including Lululemon, Urban Outfitters, Starbucks, Piece Pizzeria, Cava, Jeni's Ice Cream, Walgreens, Barnes & Noble, Paulie Gee's Pizza, Potbelly, Chipotle, Big Star, Etta and many others. Conveniently located steps to the CTA Damen Blue Line station and many area buses. This is a rare opportunity to own a fully-stabilized apartment/retail investment property in one of Chicago's most popular and sought-after sub-markets for residents, retailers and investors. Offered at $2,900,000, which is a 6.49% CAP rate on current financials.

FOR SALE DETAILS

PRICE

$2,900,000 USD

PRICE/SF

$405 USD /SF

# OF UNITS

17

PRICE/UNIT

$170,588

CAP RATE

6.49%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1920

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.07 AC

LAND SF

3,049 SF

ZONING

B3-2

APN/PARCEL ID

17-06-200-005-0000

ASK ABOUT THIS PROPERTY

312-529-5791

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312-529-5791

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