Essex Realty Group, LLC has been exclusively engaged to market for sale 1628-1630 North Wells Street, a charming mixed-use building ideally situated in Chicago’s historic Old Town neighborhood. The property features a unit mix of one 2-bed/1.5-bath and three 2-bed/1-bath apartments, along with ground-floor retail space well positioned along Wells Street to benefit from strong foot traffic and visibility. Rounding out the offering, 12 outdoor parking spaces add further value to this compelling opportunity in one of Chicago’s most desirable neighborhoods.

STRONG VALUE-ADD OPPORTUNITY
The offering presents investors with multiple paths to value creation. Investors may choose to operate the asset as-is, capitalizing on a covered land play, or in the future explore a possible zoning change with the City of Chicago to facilitate new construction development. Alternatively, the property presents an immediate opportunity to unlock significant value through renovation. Current apartments feature a mixture of finishes, including hardwood floors, stainless steel appliances, and in-unit laundry, offering a strong foundation for improvement. All units can be updated in their current configuration or completely remodeled into 2-bed/2-bath modern layouts, allowing new ownership to significantly increase rental income in this high-demand submarket.

HISTORIC OLD TOWN NEIGHBORHOOD
Old Town is a designated historic district filled with rich history, nestled between the Gold Coast/River North and Lincoln Park neighborhoods. 1628-1630 North Wells provides convenient access to the CTA Red, Purple & Brown Lines and multiple bus routes. Quick access to the Kennedy Expressway and Lake Shore Drive facilitates easy commutes to the Loop and surrounding areas. Located directly on Wells Street, the property is surrounded by popular local restaurants and bars, with Lincoln Park just two blocks away and North Avenue Beach a short walk beyond.

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.

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.

• Rarely Available Property on the 1600 Block of Wells Street in Old Town
• Mixed-Use Building, 2-Unit Coach House & 12 Parking Spaces on Incredible Lot
• 50 Feet of Frontage on Wells Street with Strong Foot Traffic
• Value-Add or Redevelopment Opportunity
• Ideal Old Town Location West of Lincoln Park & North Avenue Beach
• New Whole Foods Opening Up Across the Street