CRER Senior Director Steven Rapoport has completed the successful sale of a 23-unit mixed-use building located at 1422 North Milwaukee Avenue in the heart of Wicker Park, one of Chicago’s most vibrant neighborhoods. The building’s first floor is anchored by retail tenants such as Endless Supply, Seoul Taco, and the newly opened NADC Burger, which brings added energy and foot traffic to the area.
Special thanks to the seller for another opportunity to work together on a successful closing and congratulations to the buyers a partnership between Studio Oakley and Third Coast Real Estate, another strong addition to their growing portfolio.
This sale adds to the recent momentum along the Milwaukee Avenue corridor, where CRER has continued to close high-profile transactions.
Other recent CRER Sales in the Neighborhood:
- A 10,500 square foot mixed-use building at 1950 North Milwaukee Avenue in Bucktown, sold by CRER in an off-market transaction last month.
- Two development sites in Wicker Park that were listed and sold by CRER, and are expected to deliver 40 new apartments to the Wicker Park neighborhood.
- For investors who missed out on these opportunities, CRER just brought a value-add multifamily property to market in the Gold Coast. View the listing at 10-12 West Chestnut Street
Market Snapshot:
The area surrounding 1422 North Milwaukee Avenue continues to perform as one of Chicago’s most attractive investment markets. According to the most recent CoStar data, key indicators include:
- A current vacancy rate of 4.1 percent, which remains among the lowest in the city
- Annual rent growth of 4.0 percent, with Class A buildings showing gains of 4.6 percent
- Limited new supply, with only 530 units under construction across the submarket
- Sales volume reaching 909 million dollars over the past twelve months, reflecting sustained investor interest
Other recent notable transactions in the immediate area include:
- 1471 North Milwaukee Avenue, a four-unit mixed-use building anchored by Sweetgreen, sold for 3.6 million dollars at a 6.99% cap rate
- 1272 – 1278 North Milwaukee Avenue, which traded for 4 million dollars containing two retail storefronts and six oversized four-bedroom apartments
Wicker Park continues to attract both institutional and private capital due to its unique combination of lifestyle appeal, strong rental demand, and proximity to transit, retail, and entertainment. The area offers a compelling case for long-term investment.
Considering Selling Your Property?
With a proven track record and deep expertise in the Chicago multifamily market, Steven Rapoport and the CRER team are well positioned to help you achieve a successful outcome.
Contact us today to discuss how we can help unlock the full potential of your asset.
