Unique Lender-Owned Property Hits the Ukrainian Village Market
Commercial real estate brokerage firm Essex Realty Group, Inc. has been exclusively engaged to market 935-941 N. Damen Avenue, a 12-unit mixed-use loft property located in Chicago’s rapidly expanding Ukrainian Village.
The property’s twelve unique units consist of three ground-floor commercial spaces with access to a charming outdoor courtyard plus nine artist’s live/work lofts. Zoned B3-2, an investment opportunity exists to convert the artist’s lofts to large loft apartment units with high ceilings and exposed brick walls or tear the building down for new development since the site consists of 3 city lots (75 x 125). The 14,849 square foot building is lender-owned and is currently being vacated.
“When was the the last time you saw a heavy timber building on 3 contiguous lots in Ukrainian Village?”, asked Jim Darrow. “This property offers a developer or value-add investor an opportunity to do something really cool,” he continued. Darrow is a Principal at Essex, and the broker leading the sale efforts.
935-941 N. Damen Avenue is currently listed at $2,300,000. The property is located on a prime Ukrainian Village block, close to popular restaurants, bars, and retail options; like, Kasama, Parson’s Chicken & Fish, Beauty Bar, Beatnik and Parlor Pizza. The excellent Ukrainian Village location also provides tenants with great proximity to the West Loop, Bucktown, Wicker Park and Logan Square. Moreover, the property’s proximity to several public transportation options, both bus and train, allow tenants quick access to Chicago’s north, south and west sides, as well as downtown.