Wicker Park Six-Corners Residential Mixed-Use Investment Property

Highlights:

• Mixed-use building in Chicago's Wicker Park/Bucktown neighborhood on Milwaukee Ave
• 17 Apartments and one approx. 1800 SF ground floor 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
• 1 block to Damen CTA Blue Line Station, North Ave, Damen and Milwaukee Ave buses
• Short walk to "The 606 Trail"
• Under-market rents for both the apartments and retail space
• High-Street, high-profile retail area with incredible shopping and restaurants
• 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
• Very high area demographics with Avg HH income nearly $180k and home values over $760k in the immediate area
• Historically 100% occupied with little to no immediate area retail vacancy
• Offered at $2,900,000, which is a 6.49% CAP rate on current financials

Description:

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.

Located in the vibrant Bucktown/Wicker Park neighborhood of Chicago and steps to the pre-eminent "Six Corners" intersection of Damen/Milwaukee/North Avenues, the property is located in an area that is a dynamic blend of cultural hotspots, trendy boutiques, and diverse culinary experiences. With convenient access to the 606 trail, residents can enjoy outdoor activities and scenic strolls. This sought-after location is also dotted with beloved local establishments such as Big Star, Mindy's Hot Chocolate, and the Map Room, providing an array of entertainment options right at residents' doorsteps. The property's proximity to these attractions and the buzz of the city make it a compelling investment opportunity for multifamily and mixed-use investors looking to tap into one of Chicago's most sought-after and valuable sub-markets.

400 Amp Electric (separately metered per unit)
Gas bill for boiler heat and cooking paid by owner
Window units for air conditioning (owned by owner)

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