20 Unit Mixed-Use Building in the Heart of Chicago

1601 W Montrose Ave, Chicago, IL, USA
Price: $3,650,000
Building Type: Mixed-Use Building
Stories: 3
Residential Units: 20
Neighborhood: Ravenswood
Cross Street: Ashland Avenue & Montrose Avenue
Commercial Units: 8

About this property

ONE Commercial Realty Services has been retained on a co-exclusive basis for the sale of 1601 W Montrose Avenue in Chicago, IL. The subject property is a prime location 20 Unit Mixed-Use Asset located 15 minutes from Downtown Chicago as well as 8 minutes from Wrigley Field, home of the Chicago Cubs.

The subject property is a mixed-use building that consists of six (6) studio apartments, six (6) one bedroom apartments and eight (8) retail bays used by four (4) tenants. The building sits at the southwest corner of Ashland Avenue & Montrose Avenue in the Ravenswood area of Chicago. The location is ideal for both the residential and retail tenants, as average daily traffic counts on Ashland Avenue &  on Montrose Avenue are 27,000 and 17,000 respectively. The Montrose Brown Line stop is a two block walk and a Metra station is four blocks north. There is also a bus stop directly in front of the property that provides easy transportation to all the tenants.

The apartments have recently been updated with bamboo wood flooring, new tile, vanities in the bathrooms and new counters and tile in the kitchens. Given the finishes and location, the apartments have maintained a very high historical occupancy rate. The retail also maintains a very high historical occupancy rate, including 100% occupancy over the past several years. Mayor of Chicago Rahm Emmanuel is a resident in the historic Ravenswood area, as well as other affluent individuals in Chicago who choose to reside in this quiet suburb.

The infrastructure of this area of Chicago is very reminiscent of Downtown Williamsburg circa 2010. Just 8 minutes away, Wrigley Field, home to the Chicago Cubs has seen over $200 Million in residential and retail development since early 2017. This activity signifies the desire of Chicago as a city to infiltrate wealthy sub pockets of suburban areas with new construction in hopes of gentrifying and crafting a mix between New York architecture and midwestern flare.

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