1628-1630 N Wells St 5 Unit Apartment Building For Sale Chicago, IL 60614

1628-1630 North Wells Street, a charming mixed-use building ideally situated in Chicago's historic Old Town neighborhood, has been engaged to market for sale. The property features a unit mix of one 2-bed/1.5-bath and three 2-bed/1-bath apartments, along with ground-floor retail space well positioned along Wells Street to benefit from strong foot traffic and visibility. Rounding out the offering, 12 outdoor parking spaces add further value to this compelling opportunity in one of Chicago's most desirable neighborhoods.
STRONG VALUE-ADD OPPORTUNITY
The offering presents investors with multiple paths to value creation. Investors may choose to operate the asset as-is, capitalizing on a covered land play, or in the future explore a possible zoning change with the City of Chicago to facilitate new construction development. Alternatively, the property presents an immediate opportunity to unlock significant value through renovation. Current apartments feature a mixture of finishes, including hardwood floors, stainless steel appliances, and in-unit laundry, offering a strong foundation for improvement. All units can be updated in their current configuration or completely remodeled into 2-bed/2-bath modern layouts, allowing new ownership to significantly increase rental income in this high-demand submarket.
HISTORIC OLD TOWN NEIGHBORHOOD
Old Town is a designated historic district filled with rich history, nestled between the Gold Coast/River North and Lincoln Park neighborhoods. 1628-1630 North Wells provides convenient access to the CTA Red, Purple & Brown Lines and multiple bus routes. Quick access to the Kennedy Expressway and Lake Shore Drive facilitates easy commutes to the Loop and surrounding areas. Located directly on Wells Street, the property is surrounded by popular local restaurants and bars, with Lincoln Park just two blocks away and North Avenue Beach a short walk beyond.