ON MARKET – MULTI-FAMILY
61 West Erie Street Chicago, IL 60654
NEIGHBORHOOD
River North
PRICE
$16,900,000
NUMBER OF UNITS
29
CAP RATE
4.41%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale, The Opal @ 61 West Erie Street, a new construction building located in the heart of Chicago’s River North neighborhood. This unique opportunity features 28 apartments master leased to Sonder, Inc., (NASDAQ: SOND), a publicly traded international hospitality company combining the comfort of a home or apartment rental with the amenities of a hotel (Current Market Capitalization = $1BN+). The building also features a fantastic 2,019 SF ground floor retail space.

The building includes a mixture of studios, 1 bedroom, 2 bedroom & 3 bedroom apartments. The apartments feature beautiful high-end finishes including LVT flooring, stainless steel appliances, white quartz counters, custom tile backsplash, floor to ceiling windows, individual HVAC and laundry in-unit. The two duplex apartments feature private rooftop decks.

The property sits on the south side of Erie Street, just east of Clark Street, making it an ideal hospitality location. 61 W Erie is walking distance to Michigan Avenue & Rush Street, Chicago’s premier shopping & entertainment destinations, and just over a mile west of popular Navy Pier overlooking Lake Michigan. Also located nearby is the beautiful Chicago River, Millennium Park and The Loop. Guests are provided with many excellent public transportation options as both the Chicago & Grand Red Line L CTA stations are less than a half mile away, along with several bus stops.

LOCATION DETAILS

Chicago's River North neighborhood is one the most affluent neighborhoods in Chicago. Located just north of the Loop, east of the Chicago River and west of Lake Michigan, River North has experienced exponential growth over the last few decades, primarily beginning in the 1970s. It is part of the Near North Side Neighborhood, which includes the Gold Coast and Old Town to the north, the Magnificent Mile and Streeterville to the east, and Goose Island to the west, making it the epicenter of some of the most desirable neighborhoods in the City. River North is in very close proximity to the Loop and Michigan Avenue, and offers convenient access to public transportation.

The property is sits on the south side of Erie Street, just east of Clark Street, an ideal hospitality location. 61 W Erie is walking distance to Michigan Avenue & Rush Street, Chicago’s premier shopping & entertainment destinations, and just over a mile west of Navy Pier overlooking Lake Michigan. Also located nearby is the beautiful Chicago River, Millennium Park and The Loop. Guests are provided with many excellent public transportation options as both the Chicago & Grand Red Line L CTA stations are less than a half mile away, along with several bus stops.

HIGHLIGHTS
  • 28 Luxury Apartments Master-Leased to Sonder, Inc. (NASDAQ: SOND)
  • Sonder Current Market Capitalization = $1BN+
  • Apartments Feature Stainless Steel Appliances, Individual HVAC, In-Unit Laundry, Floor to Ceiling Windows
  • Fantastic Hospitality Location Walking Distance to Michigan Avenue, Rush Street, The Riverwalk, Millennium Park & Lake Michigan
  • 2,019 SF of Ideal Retail Space for Lease
  • Perfect Arm Chair Investment, Minimal Day to Day Management
LISTING BROKERS
Jordan Gottlieb
Principal
773.305.4922
Jim Darrow
Principal
773.305.4920