Mixed-Use | Residential Above Street Retail

Highlights

• Excellent West Town location
• Stabilized asset with a strong tenant mix, room for rent growth, and upside through further development
• Located within the Chicago Avenue T.O.D boundaries
• Fully occupied
• This property is owned by an Illinois Real estate broker

Description

The properties are fully occupied and include two (2) residential units and two (2) retail spaces between the two buildings. The residential units have been upgraded but still have value to be added through cosmetic and light construction upgrades. Both retail spaces have newly signed/extended leases. This ideal location is surrounded by strong neighborhood retail including Roots Pizza, West Town Bakery, and Cleo’s Bar. The property is also just two blocks from the neighborhood grocery store, Mariano’s. This property is ideal for an investor looking to enter the growing West Town/Ukrainian Village sub-market. This property is owned by an Illinois Real estate broker.

The West Town area of Chicago is bordered by Wicker Park, East Village, Noble Square and Ukrainian Village. Originally occupied by Ukrainian immigrants in the early 1900s this neighborhood has long been a stable community and has flourished in recent years. Tree-lined streets; strong housing stock and its proximity to Chicago’s downtown have made this neighborhood a favorite choice to Chicago’s residents. Online real estate website Redfin.com even named Ukrainian village the hottest neighborhood in the nation in 2016.
The West Town Retail Corridor located on Chicago Avenue is the main retail corridor in the neighborhood. Many retail stores restaurants and service retail businesses operate on Chicago Avenue which contributes to the desirability and charm of the neighborhood. Chicago Avenue is proving to be a dining destination with one restaurant Vajra added to the 2021 Michelin Bib Gourmand list and newcomer Porto receiving one Michelin Star.