1216 Diversey PkwyChicago, IL 60614

Property Details for 1216 Diversey Pkwy

Year built

1923

Property size (Sq ft)

7,000 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 4-unit apartment building, totaling 7,000 square feet, presents a compelling investment opportunity in Chicago's desirable Lakeview/Lincoln Park neighborhood. Built in 1923 and extensively renovated in 2012, the property boasts a prime location at the six-corner intersection of Diversey Parkway and North Lincoln Avenue, offering two street frontages. The unit mix consists of three 3-bedroom, 1-bathroom apartments, each featuring updated kitchens with granite countertops and stainless steel appliances, as well as individual HVAC and hot water tanks. The ground floor houses a well-established taproom, Beermiscuous, which has occupied the space since 2013 and has a remaining lease term of five years with a 3% annual rent increase. This retail space features high ceilings, modern tiling, and hardwood floors. Apartment rents are currently 12% below market value, presenting a significant opportunity for immediate rental income growth. The property's strategic location offers exceptional convenience, with proximity to the Diversey CTA Brown/Purple Line (0.3 miles), Lake Michigan (0.1 miles), and DePaul University (0.5 miles). This combination of strong tenant occupancy, below-market rents, and a highly desirable location makes this a truly exceptional investment opportunity in a consistently strong Chicago market.

Location Insight

City

Chicago

County

Cook

State

Illinois

Latitude

41.9327

Longitude

-87.6595

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