UNDER CONTRACT – MULTI-FAMILY
401-409 North Milwaukee Avenue Chicago, IL 60654
PRICE
Call for details
NUMBER OF UNITS
7
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale, 401-409 North Milwaukee Avenue, a mixed-use property located in the heart of Chicago’s Fulton River District neighborhood. The property is situated on a triangular parcel on the northwest side of the Milwaukee Avenue, Des Plaines Street, and Kinzie Street intersection and across the street from Blommer Chocolate Company, the Fulton River Park and Jewel-Osco.

LOCATION DETAILS

Chicago’s Fulton River District is considered one of the many distinct communities of the West Loop. Situated in the northeast corner of the West Loop, the Fulton River District is bordered by the Chicago River on the east, the Kennedy Expressway to the west, Madison Street to the south and Ohio Street to the north. In recent years the West Loop’s traditional factories and industrial buildings have converted to luxury loft condo buildings and been cleared for new multi-family developments generating an influx of homeowners and renters. Tenants are drawn to the neighborhood’s prime central location adjacent to popular neighborhoods such as River North and West Town. The neighborhood also benefits from easy access to public transportation and close proximity to Chicago's Loop.

Chicago’s West Loop has slowly become a hotspot for global companies to situate their Midwest headquarters. Google, Twitter, McDonald’s and LinkedIn all have decided to make the West Loop their Chicago home, bringing a multitude of well-paying jobs to the area. For example, 401 North Milwaukee Avenue is situated approx. one ½ mile from Chicago’s Google HQ.

The property is located on a triangular parcel on the northwest side of the Milwaukee Avenue, Des Plaines Street and Kinzie Street intersection across the street from Blommer Chocolate Factory, Fulton River Park and Jewel-Osco.

HIGHLIGHTS
  • Incredible Fulton River District Location, Steps to Fulton Market
  • Six Amazing Loft Apartments, One of a Kind
  • Experienced Restaurant Operator on 10 Year Lease, Current on All Rent Payments Through Covid-19, Extensive Interior Buildout + Patio Space
  • Billboard Leased to Outfront Media (NYSE:OUT)
  • Long Term Development Play (C3-3 Zoning)
  • Conveniently Located 5 Minutes Walking Distance to the Grand Blue Line CTA Station
  • Commercial Cap Rate: 8.0%; Apartments Cap Rate: 6%; Billboard Cap Rate: 7.5%; Combined Cap Rate: 6.7%
LISTING BROKERS
Jordan Gottlieb
Principal
773.305.4922
Brian Karmowski
Managing Director
773.305.4892