Essex Realty Group, INC. is pleased to present 1361 N. Wells St., a seven-unit, mixed-use walkup apartment building located in the highly desirable Old Town neighborhood of Chicago.
This property features an enticing unit mix, comprising one Studio / 1 Bath layout, one 1 Bed / 1 Bath, one 2 Bed / 1 Bath, one 2Bed / 1.5 Bath, one 2 Bed / 2 Bath, one 3 Bed / 1.5 Bath, and one 2,000SF ground floor commercial space currently occupied by a long-term tenant. Each apartment is appointed with hardwood floors, a mix of formica and stone countertops, and stainless steel or white appliances.
All units feature individual gas-forced furnaces and individual hot water tanks for domestic hot water. Other improvements include separately metered electric with 100amp panels and vinyl windows.
The property has been under the same passive ownership for decades, and the operations have not kept up with the incredible market activity in Old Town. All the units are leased on a M-M basis creating an easy path for immediate revenue growth. The rents are currently significantly undervalued and offer multiple investment strategies.
1361 N. Wells St. represents a remarkable investment opportunity in one of Chicago’s hottest rental pockets.
RICH HISTORY: Old Town is a designated historic district filled with rich history and beautiful Victorian-era buildings nestled between the Gold Coast/River North & Lincoln Park. Old Town is home to Chicago’s famous improv comedy training center The Second City, a Chicago staple which opened its doors in 1959 and is located across the street. Additionally, The Old Town Art Fair was one of the original neighborhood fairs in Chicago dating back to 1949. Today the Fair features exhibits from more than 250 artists and showcases the quaint homes and gardens along the tree lined streets. Old Town is also home to the historic St. Michael’s Church which is famous for surviving the Great Chicago Fire.
PRIME LOCATION: The property is situated in the heart of Wells Street, a lively main thoroughfare home to a number of popular local restaurants and bars. One of Chicago’s largest and well-known parks, just 2 blocks to the east of the property is Lincoln Park and just a 15 minute walk through the park is North Avenue Beach. Old Town features convenient transportation options including easy access to Lake Shore Drive, both the Sedgwick & Clark/Division CTA stations, plus a number of bus stops & Divvy Bike Stations.
- Prime Location in the Heart of Old Town on Wells Street
- 7-Unit Walk-Up Mixed-Use Building
- Studio, 1 Bed, 2 Bed, 3 Bed, & Commercial Layouts
- True Value-Add Opportunity with Ability to Substantially Increase Revenue
- A+ Rental Market with Significant Upside
- First Time on the Market in Decades