Greenstone Partners is pleased to announce the sale of 1560 N. Damen Avenue, a three-story, 4,650-square-foot mixed-use property located at the heart of Wicker Park. The property sold for $3,187,000, within approximately 3% of the asking price, in an briefly marketed transaction.
The Property features ground-floor retail occupied by Stan’s Donuts & Coffee, a premier regional bakery brand that has operated at the location since its founding in 2013, alongside two large, recently renovated condo-quality three-bedroom apartment units on the upper floors.
Greenstone Partners’ Danny Spitz, Managing Partner, and Brewster Hague, Partner, represented the seller and procured the private buyer in the transaction.
“Very well-located properties in these high-traffic locations are in high demand, with continued limited supply,” said Danny Spitz. “This strong retail location is highly sought after with ongoing tenant demand inquiring about any potential availability.”
“This was a case study of a disciplined buyer recognizing real upside in a property that most people would call fully priced,” added Brewster Hague. “Anchored by a long-term, strong retail tenant, the two condo-quality apartments were leased at below market rents. That combination of durable cash flow today with a clear path to rental growth was the main draw to this property as well as others nearby in Wicker Park.”
According to Spitz, the residential units’ below-market rents were a central selling point of the offering, presenting the buyer with a clear opportunity to add immediate value without additional capital investment. The transaction was reached quickly with limited time on the market.
Situated adjacent to the CTA Damen Blue Line ‘L’ Station, which serves more than 1.2 million riders annually, and within one of Chicago’s most active and recognized retail corridors, 1560 N. Damen Avenue benefits from exceptional walkability, bikeability, and transit access, as well as an affluent surrounding trade area with average household incomes exceeding $150,000 within one mile.
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