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1856 W Chicago Ave Apartment Building $7,275,000 6.20% Cap Rate Chicago, IL 60622
Investment Highlights
- Prominent Corner Building in Low Density, High Demand Submarket
- Renovated Apartments with Modern and Timeless Finishes
- Attractive Unit Mix with Half 2 Bed / 1 Bath and Half 3 Bed / 2 Bath Layouts
- Fully Occupied Commercial with High-Quality Tenants
- Additional Revenue from Billboard and On-Site Parking
Executive Summary
Interra Realty has been exclusively engaged to market 1856 W. Chicago Avenue for sale. The subject investment property is a fully renovated mixed-use asset in the
heart of Chicago’s booming West Town Neighborhood.
The sellers completed a thoughtful renovation of the apartments featuring modern finishes, separate HVAC, and in-unit laundry. Their attention to detail differentiates
the apartments from other rental stock in the neighborhood. The unit mix features all spacious two and three bedroom layouts, with an average unit size of almost 1,000
square feet.
The street-level retail is fully leased to two quality tenants who are additive to the building and neighborhood. Altar Home is a home design and accessory store with a
coffee shop in the rear of the property. The coffee shop portion also walks out to sidewalk seating on the Wolcott side of the property. The other retail space is leased
to Ms. Ann's Boxing & Fitness which is backed by a celebrity boxing figure and local, hands-on operator.
heart of Chicago’s booming West Town Neighborhood.
The sellers completed a thoughtful renovation of the apartments featuring modern finishes, separate HVAC, and in-unit laundry. Their attention to detail differentiates
the apartments from other rental stock in the neighborhood. The unit mix features all spacious two and three bedroom layouts, with an average unit size of almost 1,000
square feet.
The street-level retail is fully leased to two quality tenants who are additive to the building and neighborhood. Altar Home is a home design and accessory store with a
coffee shop in the rear of the property. The coffee shop portion also walks out to sidewalk seating on the Wolcott side of the property. The other retail space is leased
to Ms. Ann's Boxing & Fitness which is backed by a celebrity boxing figure and local, hands-on operator.
Property Facts
| Price | $7,275,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 6.20% | Building Size | 15,434 SF |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built/Renovated | 1899/2023 |
| Zoning | B3-3 | ||
| Price | $7,275,000 |
| Sale Type | Investment |
| Cap Rate | 6.20% |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 15,434 SF |
| No. Stories | 4 |
| Year Built/Renovated | 1899/2023 |
| Zoning | B3-3 |
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Exceptionally walkable
100/100
Moderately drivable
60/100
Exceptional public transit
90/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 17-06-436-007-0000 | Improvements Assessment | $265,450 |
| Land Assessment | $31,250 | Total Assessment | $296,700 |
Property Taxes
Parcel Number
17-06-436-007-0000
Land Assessment
$31,250
Improvements Assessment
$265,450
Total Assessment
$296,700
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1856 W Chicago Ave
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