1538 N Wells St
Chicago, IL 60610
Retail Property For Sale

Marcus & Millichap is pleased to present 1538-1540 North Wells Street, located in the Old Town neighborhood of Chicago. The subject property consists of a four-story, 7,200-square foot building on two parcels of land that total 5,665 square feet. Old Town Aquarium occupies the first and second floor and will continue leasing their space up to six months upon close of escrow. The third and fourth floor is a four-bedroom / two-bathroom duplex-up apartment that collects $4,000 per month. The apartment’s lease expires March 2019. The offering presents an outstanding opportunity to acquire a rare and irreplaceable piece of Chicago real estate for redevelopment or repositioning. With favorable “as-is” zoning, a developer can build a 28,325-square foot mixed-use development. Located along Wells Street just south of North Avenue in the popular Old Town neighborhood, the property is well-positioned in a dense market with incredibly high barriers to entry. Less than a quarter mile west is the CTA Sedgwick brown/purple station with 1,247,809 total entries annually. The subject property is within a mile of Lincoln Park, North Avenue Beach, Castaways, and the Chicago History Museum. The area is a thriving community that is only getting stronger. Three lots to the south, O’Brien’s Restaurant & Bar was recently demolished making way for a new 13-story “four-star” hotel development. This hotel will offer up to 188 rooms, rooftop lounge, a pâtisserie, meeting rooms and a new white tablecloth restaurant in addition to O’Brien’s. Additionally, a new major mixed-use planned development started construction, making way for the redevelopment of Atrium Village. The development will have 1,500 residential units, 47,000 square feet of retail (including a grocery store), a new public park spanning two acres and four high-rise towers stretching up to 44-stories high. In addition to the Atrium Village redevelopment, there is another major planned development, the Sinclair. This project will consist of a 45,000-square foot Jewel Osco on the ground floor, topped with three levels of parking and connected to a 390-unit, 35-story luxury apartment building. Demographics for the area are very strong. Within one-mile radius there is a population of 69,134 and an average household income of $142,647. With the close proximity of the CTA there are many successful retailers in the area. Some of these retailers include: Walgreens, Treasure Island Foods, Corepower Yoga, Starbucks, The Second City, Up Comedy, Zanies, Dunkin Donuts, PotBelly, Benchmark, McDonald’s, the VIG, Chase Bank, Pure Barre, Old Town Pour House, Orangetheory Fitness, Zanies Comedy Night Club, Le Pain Quotidienas, well as many small businesses.