Mixed-use development opportunity in Little Italy, Chicago trades hands

Chicago-based Essex Realty Group, Inc. recently facilitated the sale of 1321-1331 W. Taylor St., a 10-unit mixed-use property plus adjacent 4,700-square-foot parking lot, located in Chicago’s Little Italy neighborhood.

A local investor hired Essex Director Matt Feo to exclusively market the property for sale. This value-add opportunity drew interest from investors and the property went under contract after just three weeks on the market. The property ultimately sold within 98% of the list price to a local investor for $2,705,000. Feo represented the buyer in this transaction as well.

1321-1331 W. Taylor Street presented a unique opportunity to acquire multiple adjacent lots along Taylor Street. The mixed-use property is comprised of one 4,315-square-foot street level retail space, three studio apartments and six two bed/one bath apartments. The adjacent 4,700-square-foot lot is currently used as a parking lot. The property is located in a prime location within Little Italy, in proximity to a number of bars, restaurants and cafes, approximately one-half mile from the UIC Student Campus and Rush Medical Campus, and approximately one-half mile from the Racine Blue Line CTA Station as well as Polk Pink Line CTA Station.