ON MARKET – MULTI-FAMILY
223 W. Lake St. Chicago, IL 60606
NEIGHBORHOOD
Loop
PRICE
Subject to Offer
NUMBER OF UNITS
9
CAP RATE
7.77%
PROPERTY LISTED

Essex Realty Group has been exclusively engaged to market for sale 223 Lake | Loft at 223 W. Lake St., a true one-of-a-kind boutique property located at the north end of Chicago's Loop. The property is situated steps from the new Chicago Riverwalk, Art on the Mart and the new Facebook Headquarters. The mixed-use elevator building, with heated and cooled underground parking, features eight (8) ultra-luxury 3 Bd/3.5 Ba units ranging from 2,700SF to 3,300SF and one (1) 4,860SF ground-floor commercial space.

The developer spared no expense to deliver unparalleled design to each unit. Each loft-style condominium features a private elevator entrance, massive open floorplans, high ceilings ranging from 11.4 feet to 14.5 feet, engineered hardwood flooring, exposed brick, timber beams, wine racks and modern finishes throughout. The kitchens all include high-end stainless steel Wolf and Sub-Zero appliances, quartz countertops, large eat-in kitchen island and white shaker cabinetry with soft-close drawers. In addition, each penthouse unit is complete with a 1,000SF private rooftop terrace.

223 W. Lake St. presents investors with multiple investment strategies. The property will be delivered 100% vacant; however, the north-facing penthouse unit is currently rented for $9,500 with the lease expiring at the end of August. An investor can operate the building as apartments and achieve a significant yield compared to new construction in the immediate area. Additionally, a new owner could operate the property as an Airbnb, Corporate Housing, Live/Work Space or implement a condo sell-out strategy.

LOCATION DETAILS

The Chicago Loop is home to some of the city’s most premier public open spaces including Grant Park, Buckingham Fountain, Maggie Daley Park, Millennium Park and the newly built Chicago Riverwalk. These open spaces provide the grounds for a number of cultural festivals including the Chicago Jazz Festival, Chicago Blues Festival, Taste of Chicago and Lollapalooza that attracts nearly 28.4 million visits per year. The Chicago Loop is home to more than 250 defined cultural assets including 11 major performance venues and 13 museums and galleries. In 2017, The Art Institute welcomed more than 1.61 million visitors. In addition, the Loop is home to 22 institutions of higher education for an estimated total enrollment of just over 41,000 students. The elevated L tracks date back to the late 1800s, as the iconic transportation infrastructure, forms a loop around Lake, Wabash, Van Buren and Wells. Today there are approx. 43.5 million CTA riders in the loop annually.

223 W. Lake St. is at the north end of the Loop located steps from the Chicago Riverwalk. The block is filled with trendy restaurants including the legendary Monk's Pub, Boar's Head Cafe and Big Shoulder's Coffee. Surrounding the subject property's periphery are many of Chicago's established corporate offices positioned along Wacker Drive such as the new Facebook Headquarters, Ernst & Young, IBM and Deloitte. The location checks all the boxes providing the perfect balance of restaurants, retail and green space.

HIGHLIGHTS
  • One-Of-A-Kind Boutique Property steps from New River Walk, Art on the Mart and New Facebook Headquarters
  • Elevator Building with Underground Heated and Cooled Parking
  • Eight (8) Ultra-Luxury 2,700SF to 3,300SF - 3 Bed/3.5 Bath Condominiums
  • One (1) 4,860SF Ground-Floor Commercial Space
  • Two (2) Penthouse Units with Private 1,000SF Rooftop Terraces (Smaller Penthouse Currently Rented for $9,500/Month on Two-Year Lease)
  • Property to be Delivered 100% Vacant
  • Many Investment Strategies Including Operating as Apartments, Airbnb, a Condo Sell-Out or a Hybrid of Several Strategies
  • Property/Neighborhood Video: https://rb.gy/uyz0fy
  • Virtual Tours: https://bit.ly/3fN5Pxw
LISTING BROKER
Abe Eilian
Director
773.305.4882