Essex Realty Group, Inc. has been exclusively engaged to market for sale 1745 W. Potomac Ave. (1239 N. Wood St.), an exceptionally well-located Multi-Family development opportunity in the Heart of one of Chicago’s most vibrant neighborhoods, Wicker Park. The 19,800 SF building spans across six city lots and was originally built and used for decades as an orphanage. In recent years, the current owner was planning to convert the property to a single-family home. That plan has been terminated, offering investors the opportunity to acquire and develop the property for its optimal use as an apartment building.

The current three-story building features two (2) massive luxury duplex-up apartments that a developer may choose to keep or repurpose, in addition to almost 15,000 SF of essentially raw building space. The Subject Property also features a partially constructed 4th floor and an approximate 5,000 SF side courtyard, each of which presents additional square footage for potential use in plans.

Set on a charming tree-lined street, the property enjoys an idyllic location just one block north of a major dining, entertainment, and transportation hub on Division Street. The building is also conveniently located less than a half mile from the nearest CTA Blue Line stop and two blocks from the nearest major bus stop. These factors, among others, are likely influences on the neighborhood median home value which is in excess of $615,000 and the local median household income which is more than double the national median household income.

Located just a short distance northwest of downtown Chicago, Wicker Park has soared in popularity among Chicago’s neighborhoods. With an estimated more than 200 restaurants/bars (** Wicker Park Bucktown Chamber of Commerce), vibrant retail corridors, buzzing nightlife, and tremendous public transportation access the neighborhood has become an epicenter for high-earning young professionals and families. In recognition of its allure, Chicago Reader crowned it as the “Best of Chicago” in 2014.

Developing apartments in Wicker Park presents a compelling opportunity given the area’s pronounced affluence and high real estate demand. With property ownership often out of reach, given an average single-family home price in excess of $615,000, luxury apartments cater to the affluent demographic seeking a top-tier urban living experience. The neighborhood’s staggering average household income, consistently surpassing more than double the national average, reflects a strong economic base capable of sustaining high rents. More than 60% of the population base are renters, according to Esri’s GIS mapping and analytics software and as reported by CoStar, further evidencing a strong demand for this type of product.

• Exceptional Development Opportunity in the Heart of Wicker Park
• Corner Parcel on Almost Six City Lots
• TOD Ordinance Applicable
• Almost 15,000 SF of Existing Raw Space AND Two Existing Luxury Apartments
• Substantial Building Improvements Already Complete - Including New Windows and 800 Amp Electrical Service