Contacts

Ben Smith

33 Realty

(612) 616-6033

Property Details

Property Type Multi-Family
Property Size 11,975 SF
Units 22
Lot Size 6,047 Acre
Parking Spaces Avail. 10
Date Updated Aug 28, 2023

.On the boarder of Wicker Park and East Humboldt Park, 1513 N Western Ave sits in the heart of one of Chicago's most dynamic, speculative real estate markets. With 7%-12% rent increases YOY since 2012 (according to DOMU) investors have been infusing the neighborhood with capital, in an effort to supply the lucrative housing demand. The property’s dwelling units are a mix of eight (8) 1-bedroom units and four (4) 2-bedroom units including two (2) lofted units. The dwelling units all have one bathroom, thirteen foot high ceilings (some as high as sixteen feet), in-unit laundry and range in size from 500 SF to as large as 1354 SF. Deeper evaluation of zoning, structure/foundation and expected legislative changes indicate an opportunity to add multiple stories to the existing property to accommodate a maximum of seventeen (17) additional dwelling units for a total of twenty-nine (29) dwelling units on up to three additional stories.

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Highlights

Significant ‘value-add’ opportunity with TOD bonuses and/or up-zoning (B2-3 to B2-5)
Retail space on first floor, ½ story above grade, approx. 3000 rent-able SF
Current Retail; nine (9) artist studios approx. 250SF and one (1) Gallery/Office
Best/Highest use; Healthcare/Professional, ABB
Twelve (12) rent-able dwelling units, Laundry In-Unit, 13ft ceilings
Tenant-paid utilities
Parking; ten (10) total spaces, seven (7) spaces below grade, three (3) adjacent spaces
Upgraded copper plumbing and electric service

Getting around

94/100
Walk Score ®
67/100
Transit Score ®
89/100
Bike Score ®

Powered by Walk Score ®

City Chicago, IL
Neighborhood Wicker Park
Zip Code 60622
Market Chicago

Points of Interest

Damen

0.48 miles
Western

0.48 miles
California

1.05 miles
Division

1.08 miles
Clybourn

1.11 miles
Western Avenue

1.38 miles
Kedzie

1.77 miles
California

1.78 miles
Chicago

1.85 miles
Logan Square

1.87 miles

Shell

0.11 miles
BP

0.68 miles
Mobil

0.70 miles
BP

0.79 miles
Shell

0.85 miles
Shell

0.87 miles
Shell

0.97 miles
BP

1.01 miles
BP

1.08 miles
Marathon

1.08 miles

1628 W Division

0.98 miles
Liberty Bank Customer Parking

1.25 miles
City of Chicago Auto Pound #6

1.31 miles
Bus Parking

1.93 miles
A

1.96 miles
Club/Premium

1.97 miles
Steppenwolf Garage

1.98 miles
C Suites

1.99 miles
G

2.02 miles
f

2.03 miles

IHSP Chicago Hostel

0.50 miles
Urban Holiday Lofts

0.51 miles
Ray's Bucktown Bed & Breakfast

0.87 miles
Holiday Jones

0.92 miles
Hyatt Place Chicago / Wicker Park

1.01 miles
Alexandra's place

1.23 miles
Fullerton Hotel

2.23 miles
Hotel Chicago West Loop

2.36 miles
Hyatt House

2.42 miles
Chicago Getaway Hostel

2.51 miles

LCM Dollar

0.39 miles
ALDI

0.40 miles
Cermak Produce

0.42 miles
Municipal Foods

0.50 miles
Fresh Market Place

0.84 miles
FoodSmart

0.87 miles
Jewel-Osco

0.91 miles
Target

0.96 miles
Mariano's Fresh Market

1.03 miles
Kohl's

1.11 miles

In-Depth Research Available for this Property

Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.

1513 N Western Ave