ON MARKET – MULTI-FAMILY
1553 North Wells Street Chicago, IL 60610
NEIGHBORHOOD
Old Town
PRICE
$14,250,000
NUMBER OF UNITS
24
CAP RATE
5.21%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale Old Town Collection (OTC) at 1553 North Wells Street, a luxury mixed-use property in the heart of Chicago’s popular Old Town neighborhood. The building is comprised of 23 apartments which feature beautiful high-end finishes including stainless steel appliances, quartz countertops, custom dual-tone kitchen cabinets, custom tile backsplash, in-unit laundry, individual HVAC and private balconies. The building includes one ground level retail space currently occupied by Philz Coffee. Additionally, the property features a dog run, elevator, and both garage and outdoor parking options.

The property is situated on the east side of Wells Street just south of North Avenue, and is conveniently located less than one mile from both the Sedgwick Brown/Purple Line and Clark/Division Red Line L stops. Quick access to both CTA stations and several bus stops provide tenants with many excellent public transportation options. 1553 North Wells Street presents a rare opportunity to acquire a luxury new construction apartment building in the heart of Old Town, steps away from an endless choice of trendy restaurants, bars and entertainment options.

LOCATION DETAILS

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.

HIGHLIGHTS
  • Full Occupancy and Collections since March 2020
  • Rare Opportunity to Acquire a 24-Unit New Construction Property in the Heart of Old Town
  • Luxury Apartment Units with Custom Kitchens, Washer/Dryer In-Unit & Private Balconies
  • First Floor Retail Space Leased to Philz Coffee through 2030
  • Prime Location in the Heart of Old Town on Wells Street, 6 Minutes Walking Distance to the Sedgwick CTA Station
  • 2 Blocks from Lincoln Park and the Beautiful Lakefront
LISTING BROKERS
Jim Darrow
Principal
773.305.4920
Jordan Gottlieb
Principal
773.305.4922