MLS Number 10789273
- CommercialSale Commercial Sale
- Area West Town
- Year Built 2017
- Zoning COMMR
The Offering represents a unique opportunity to acquire a 100%-leased mixed-use loft redevelopment in Chicago's West Town neighborhood. The property features 8 loft apartments, 2,300 SF of net-leased retail space, and a 3-car parking garage situated in the heart of the booming Chicago Avenue corridor. Constructed in 1865, the property underwent a full gut renovation in 2017. The roof, windows, and MEP's were replaced in the renovation, and tuckpointing work was completed on the exterior facade. The eight (8), 1-bedroom/1-bathroom apartments average 600 square-feet each, and 5 of the units feature private outdoor terraces. The 4 units located on the top floor have vaulted ceilings with additional loft space (10' x 10') above the bedroom, which many existing tenants utilize for additional storage or a guest bedroom. Interior finishes feature vaulted ceilings, quartz countertops, hardwood floors, tiled bathroom showers and floors, 8' windows, custom white shaker cabinetry, and all new plumbing fixtures in 2017. The apartments also feature in-unit washers/dryers, Nest thermostats, and 10'-14' ceiling heights. All 8 units were leased within 1 month of completing construction and have since remained 100% occupied. The 2,300 SF of first-floor retail space is occupied by CMM Framing, a contemporary frame shop. CMM Framing began occupying the space in September 2019 and has 4 years of remaining lease term with two 5 year extension options. CMM Framing's business has remained strong throughout the COVID-19 pandemic and the tenant has not required any rental deferment. The property is located in the West Town sub-market, one of the trendiest and up and coming areas of Chicago and includes the communities of Wicker Park, Bucktown, Noble Square, and Ukrainian Village. The neighborhood contains many retailers, restaurants, bars, and coffee shops, including Beatnik, Flo, Bar Biscay, Jeong, Vajra, Funkenhausen, and Yuzu (all of which are within 2 blocks of the subject property). Commuters in the West Town neighborhood also benefit from the nearby Blue Line stop at Chicago and Milwaukee, as well as numerous bus routes. The West Town neighborhood also benefits from the nearby Fulton Market, which is experiencing tremendous growth and is currently the home of the Google headquarters, McDonald's headquarters, and dozens of new office, retail and residential developments.
Listed by Robert Sekula of Robert Sekula