Location: 163 West Division Street, Chicago, IL, 60610, United States

Condo Deconversion Opportunity

Asking Price: $4,283,700.00

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Description

Sealed Bid Sale

5 Residential Condo Units and 2 Commercial Condo Units (Commercial Units May Be Sold Separately)

Located at 163 West Division Street and 1143-1145 North Wells Street in Chicago, IL  60610

Bids due on Friday, September 30 by 5 pm CST

Asking Price: $4,283,700

NOI:  $345,000

Cap Rate: 5.10%

Co-operating Broker Co-Op Commission: 2%

This unique investment portfolio is in the heart of the sought-after Old Town neighborhood of Chicago, consisting of (5) residential condo units and (2) commercial units, all within the same building. Located at 163 West Division Street and 1143-45 North Wells Street, the two commercial units have been gut-renovated and combined into a single restaurant. The entire portfolio is 100% fully occupied and generates an annual income of approximately $345,000.

All five residential units are currently managed as an AirbNb. The (2) commercial units have been combined to create a high-quality, 1,560 square feet open-concept restaurant currently occupied by the popular vegan eatery “I Can’t Believe It’s Not Meat.”

Blocking Rights

The cumulative ownership of the 7 units represents 20% ownership of the entire multi-use building – which enables the investor to have “blocking rights.” This would provide the investor with effective control over the entire building – and significantly, any potential disposition of the entire site.

Neighborhood

Vibrant & Prestigious

Located between three of the most sought-after and growing neighborhoods for young professionals and wealthy retirees in Chicago: Old Town, River North, Gold Coast.

  • The OLD TOWN area is a charming residential neighborhood and has a vibrant and growing nightlife scene.
  • The GOLD COAST consists of high-end retail shops, multiple upscale restaurants, and features multi-million dollar historical single-family homes. It is walking distance from Michigan Ave as well as the iconic and renowned “Magnificent Mile” and Lake Shore Drive.
  • The CHICAGO TRANSIT (CTA) Red Line stop is a short two-block walk. The main highway I-94 and the commercial business district THE LOOP are only a 3-4 minute drive.

 

Commercial Tenant:

Can’t Believe It’s Not Meat

Laricia Chandler Baker (“Fab”) is an American entrepreneur, businesswoman, socialite, and self-taught chef. Born and raised in Chicago, in 2019 Fab opened a restaurant called Can’t believe It’s Not Meat in Hyde Park. There she shared her food knowledge on vegan, vegetarian, and flexitarian items. The eatery has accumulated more than 30,0000 followers in less than a year.

Now with her newest location in the subject property, her mission is to shift the culture around being vegan & vegetarian by cultivating healthy and flavorful versions of your favorite comfort food dishes.

 

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