Log In/Sign Up
Your email has been sent.
320 W Illinois St
Chicago, IL 60654
River North Park Apartments · Multifamily Property For Sale
·
400 Units
Investment Highlights
- Over $10.7 million in capital improvements, including $4.2 million in unit renovations and $6.5 million in building upgrades.
- 100% market-rate units offered at a significant discount to replacement cost.
- Located in River North with immediate access to Chicago CBD, major employers, and public transit.
- 20 rare direct-access townhomes within a 400-unit high-rise community.
- 56% of units remain unrenovated, providing verifiable value-add upside with $270+ premium potential.
- Exceptional area demographics: 150% population growth since 2010 and average household income of $190,000.
Executive Summary
River North Park offers investors a rare opportunity to acquire a 400-unit, 24-story high-rise apartment community in Chicago’s highly desirable River North neighborhood. The property features a diverse mix of studios, one- and two-bedroom units, and 20 rare direct-access townhomes. Approximately 44% of the units have undergone full-scope renovations, while the remaining 56% present significant value-add potential. Classic-to-full upgrade premiums have been verified at $270+, creating a clear path for income growth.
Over $10.7 million in capital improvements have been invested, including $4.2 million in unit renovations and $6.5 million in building enhancements, ensuring strong operational performance and long-term durability. All units are 100% market rate, and the property is offered at a significant discount to replacement cost.
Located in the heart of River North, the property provides immediate access to Chicago’s CBD, top employers, and the financial district, as well as abundant dining, nightlife, and public transit options. The surrounding area boasts exceptional demographics, including 150% population growth since 2010, an average household income of $190,000, and 88% of residents holding a bachelor’s degree or higher. These fundamentals, combined with a muted supply pipeline, position River North Park as a premier investment opportunity with strong upside potential.
Over $10.7 million in capital improvements have been invested, including $4.2 million in unit renovations and $6.5 million in building enhancements, ensuring strong operational performance and long-term durability. All units are 100% market rate, and the property is offered at a significant discount to replacement cost.
Located in the heart of River North, the property provides immediate access to Chicago’s CBD, top employers, and the financial district, as well as abundant dining, nightlife, and public transit options. The surrounding area boasts exceptional demographics, including 150% population growth since 2010, an average household income of $190,000, and 88% of residents holding a bachelor’s degree or higher. These fundamentals, combined with a muted supply pipeline, position River North Park as a premier investment opportunity with strong upside potential.
Property Facts
| Sale Type | Investment | Lot Size | 1.53 AC |
| No. Units | 400 | Building Size | 736,152 SF |
| Property Type | Multifamily | Average Occupancy | 95% |
| Property Subtype | Apartment | No. Stories | 24 |
| Apartment Style | Hi-Rise | Year Built/Renovated | 1985/2019 |
| Building Class | B | Parking Ratio | 0.54/1,000 SF |
| Zoning | PD-318 - Planned Development | ||
| Sale Type | Investment |
| No. Units | 400 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Hi-Rise |
| Building Class | B |
| Lot Size | 1.53 AC |
| Building Size | 736,152 SF |
| Average Occupancy | 95% |
| No. Stories | 24 |
| Year Built/Renovated | 1985/2019 |
| Parking Ratio | 0.54/1,000 SF |
| Zoning | PD-318 - Planned Development |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Storage Space
- Washer/Dryer
- Heating
- Bay Window
- Tile Floors
- Eat-in Kitchen
- Kitchen
- Granite Countertops
- High Speed Internet Access
- Refrigerator
- Stainless Steel Appliances
- Range
- Tub/Shower
- Views
- Walk-In Closets
- Wi-Fi
- Yard
Site Amenities
- 24 Hour Access
- Business Center
- Courtyard
- Fitness Center
- Laundry Facilities
- Picnic Area
- Pool
- Property Manager on Site
- Corporate Suites
- Breakfast/Coffee Concierge
- Doorman
- Dry Cleaning Service
- Furnished Units Available
- Grill
- Laundry Service
- Package Service
- Recycling
- Wi-Fi
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 159 | - | 430 - 593 |
| 1+1 | 203 | - | 724 - 774 |
| 2+1.5 | 19 | - | 1,164 |
| 2+2 | 19 | - | 1,181 |
Property Taxes
| Parcel Number | 17-09-243-022-0000 | Improvements Assessment | $6,441,410 |
| Land Assessment | $1,445,090 | Total Assessment | $7,886,500 |
Property Taxes
Parcel Number
17-09-243-022-0000
Land Assessment
$1,445,090
Improvements Assessment
$6,441,410
Total Assessment
$7,886,500
1 of 43
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
