CRER closed the sale of the historic Davis Building at 5256 North Broadway in Chicago’s Edgewater neighborhood.
The property features prominent Broadway frontage and steady pedestrian traffic. Street-level retail is occupied, while the second and third floors were delivered vacant. The Buyer plans to add 14 residential units on the upper floors. The location benefits from proximity to the CTA Red Line, Lake Michigan, and Edgewater’s core amenities.
Tuyen Nguyen CCIM represented the Seller. Christian Arai represented the Buyer.
Tuyen brings over 20 years of experience across retail, office, multifamily, and mixed-use sales, with deep North Side market knowledge. Christian also brings over 20 years of experience in commercial real estate and focuses on acquisitions and dispositions, advising investors and developers on value creation and execution.
Edgewater Market Update
Edgewater benefits from tight multifamily fundamentals within Chicago’s Far North submarket. Vacancy is 3.6%, well below the Chicago metro average. Rents average approximately $1,390 per unit and grew 3.0% year over year, supported by limited new supply and steady absorption. Over the past three years, net absorption has exceeded new deliveries, reinforcing demand for repositioned residential units in walkable locations.
Retail conditions along North Side corridors remain stable. The broader Northwest City retail submarket reports 3.1% vacancy with limited new construction and consistent foot traffic along major thoroughfares. Average asking rents are approximately $23–$24 per square foot, and recent retail transactions reflect continued investor interest in neighborhood-serving storefront assets.
These fundamentals support the Buyer’s plan to convert the vacant upper floors to residential while maintaining active ground-floor retail.
CRER Track Record
CRER continues to service Chicago Commercial and Investment Real Estate brokerage market with a proven history of maximizing value for sellers and identify opportunities for Buyers. Recent notable closings include:
- 1950 N Milwaukee Ave | 10,500-square-foot mixed-use building in the heart of Bucktown
- 5033-5045 N Sheridan Rd | 15,730 SF corner lot for 77-unit apartment building More info ChicagoYimby.com
- 5743-45 N. Broadway | 16,675 Sq. Ft. development site for 42 residential units over retail
- 5600 N Ridge Ave | 8-unit renovated mixed-use
- 1422 North Milwaukee Ave | 23-Unit Mixed-Use Building in Wicker Park
Thinking About Selling Your Chicago Building. Request a Confidential Valuation
If you own a building in Chicago, now is a strategic time to explore a sale. Recent closings across the city show that properly marketed properties are achieving strong pricing even as interest rates fluctuate.
We specialize in helping owners:
- Determine true market value
- Identify value add potential
- Position their property to achieve maximum sale proceeds
- Navigate a confidential and efficient sales process
Whether you own a mid sized walk up, or a larger apartment asset, we would be happy to provide a confidential valuation and discuss current buyer demand in your submarket.
Tuyen Nguyen, CCIM 773 879-0713 TuyenN@CRER.com
Christian Arai, 312 523-4068 Christian. Arai@CRER.com
