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

Old Town, Chicago Income Producing Portfolio Sale

Asking Price: $3,200,000.00

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**Co-Listed with Jeff Lowe of Lowe Group Chicago, Compass **

Total Number of Units For Sale: 7

Residential Condo Units: 5

Commercial Condo Units: 2 (Combined)

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

Asking Price: $3,200,000

NOI:  $165,461.18

Cap Rate: 5.17%

PIN #s: Commercial – 1143 N Wells – Pin 17-04-404-026-1002; 1145 N Wells – Pin 17-04-404-026-1003; and
Residential – 163 W Division Unit 207 – 2 Bed 1 Bath – Pin 17-04-404-026-1013
Residential – 163 W Division Unit 210 – 1 Bed 1 Bath – Pin 17-04-404-026-1016
Residential – 163 W Division Unit 211 – 2 Bed 1 Bath – Pin 17-04-404-026-1017
Residential – 163 W Division Unit 305 – 1 Bed 1 Bath – Pin 17-04-404-026-1025
Residential – 163 W Division Unit 312 – 1 Bed 1 Bath – Pin 17-04-404-026-1032

Property Description:

This investment portfolio opportunity is located in the heart of the sought-after Old Town neighborhood of Chicago–in one of the last undeveloped properties in the vicinity. The two, recently gut-renovated, street-level commercial spaces are approx. 1,560 sf combined and are currently leased to the popular vegan restaurant “I Can’t Believe It’s Not Meat.”  The five residential 1&2 bedroom furnished condominiums are currently set up as AirBnB’s – 100% Owner Occupied.

This bulk offering represents 19% interest in the entire condominium association which affords the investor unique control. Low property taxes and low monthly association dues enable a high-margin cash flowing investment in an A+ Chicago neighborhood.

Investment Overview
Total Price: (7 Total Units – 2 Commercial, 5 Residential) $3,200,000
Blended Price per SF: $565
Blended Price per Unit: $457,143
GRM: 12.65
CAP Rate: 5.17%
Cash-on-Cash Return (yr 1): 5.17%
Total Return (yr 1): $165,461

Operating Data
Gross Income: $252,871
Operating Expenses: $87,410
Net Operating Income: $165,461
Pre-Tax Cash Flow: $165,461

Income Summary
Gross Income: $252,871
Vacancy Cost: $0
Net Income: $252,871

Expenses Summary
Real Estate Taxes: $51,538
Condo Assessment: $27,931
Utilities: $4,680
Insurance: $3,261
Operating Expenses: $87,410
Net Operating Income: $165,461

Blocking Rights

The cumulative ownership of the 7 units represents 19% 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.


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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