Essex Realty Group, Inc. is exclusively engaged to market for sale an exceptional Greystone Apartment Building with an additional development opportunity on famed Wells Street, in Chicago’s Old Town neighborhood. 1539 N. Wells St. benefits from strong B3-5 Zoning and an extra-long lot (approx. 25′ x 171’), which may allow for up to twenty-one (21) total dwelling units. Detailed Zoning information available on page (9) of the Offering Memorandum.

The Subject Property presents a unique opportunity for a developer to build additional dwelling units at the rear, all while benefiting from a stable income stream produced by the impressive 4-unit Greystone, which is ideally positioned towards the front of the site.

The Grand 4-Unit Greystone features a highly desirable oversized unit mix of 3 and 5-bedroom units. These spacious apartments are a rare find along the Wells corridor, where there is a notable scarcity of rental options with three or more bedrooms. This is particularly advantageous in this high-demand location that often attracts renters seeking to share living expenses with multiple roommates, and makes these units exceptionally valuable. Each of the four units has been thoughtfully renovated in recent years, and the building has benefited from a series of strategic capital improvements, detailed on page (8) of the Offering Memorandum. The property may also be an ideal candidate for Airbnb operations.

Just a few blocks from the Sedgwick CTA Brown & Purple Lines, the Clark & Division CTA Red Line, various CTA bus stops, and Lake Shore Drive, 1539 N. Wells St. provides unparalleled access to transportation. Additionally, residents enjoy convenient access to many local dining and shopping options, North Avenue Beach, Lincoln Park Zoo and recreational park space.

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 that opened its doors in 1959 and is located just steps away from the Subject Property. 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 a couple of blocks to the east of the property is Lincoln Park and just a short 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 several bus stops & Divvy Bike Stations.

• Strong B3-5 zoning on an extra-long lot (approx. 171’ x 25'); potential for development of up to twenty-one (21) total dwelling units
• Currently improved by a stately 4-unit Greystone with stable income, supporting development financing
• Unit mix comprising one (1) 3 Bd/1 Ba, two (2) 3 Bd/2 Ba and one (1) 5 Bd/3 Ba; ideal for roommates
• Extensive recent apartment renovations and capital improvements
• Close to CTA lines and Lake Shore Drive; also, North Avenue Beach, Lincoln Park Zoo, and many other local dining and shopping options
• Strong candidate for short-term rental or Airbnb