1244 W Devon Chicago, IL 60660
11 unit mixed-use building located two blocks from the Loyola University Campus
Property size:
21,080 SFLot size:
0.48 Acres- Added:
- Jan 17, 2025
- Days on Market:
- 440
- Last Refresh:
- Mar 16 at 9:06 am
Property Features for 1244 W Devon
General Information
- Standard status
- Active
- Property type
- Other mixed-use properties, Multifamily properties, Residential income homes, Mixed-use properties, Residential income properties, Investment properties
- Size
- 21,080 SF
- Elevators
- N/A
- Lot size
- 0.48 Acres
Building Details
- Year Built
- 2016
- Buildings
- 1
- Stories
- 3
- Units
- 11
Listing agent Jake (585) 319-1421
Listing office (585) 319-1421
Listing date Jan 17, 2025
Overview
Mixed-Use Building Near Loyola University
This eleven-unit mixed-use building, constructed in 2016, is located two blocks from Loyola University in Chicago's Edgewater neighborhood. The property has a history of near-zero vacancy due to high demand from students. The commercial space is fully occupied under a triple-net lease, providing stable income. The residential units feature spacious layouts, multiple bathrooms, in-unit laundry, in-unit HVAC systems, and modern finishes. The current tenant base primarily consists of students, many with parent co-signors. The property's location offers upside potential; new ownership could increase rental income by implementing a dedicated student housing management strategy and transitioning to per-bed leases. This cash-flowing asset represents an opportunity in a submarket with minimal comparable rental properties. The building has a size of 21,080 square feet and sits on a 0.48-acre lot. This property is an investment opportunity for those seeking a stable, high-demand asset with growth potential.
Location Intelligence
Current Use by Public Records
The 1244 Apartments
Apartment Building
Location Insight
- Map
- Local Demand
- City
- Chicago
- County
- Cook
- State
- Illinois
- Longitude
- -87.6654
- Latitude
- 41.991
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - 11 unit mixed-use building located two blocks from the Loyola University Campus
Where is this mixed-use property located?
The property is located at 1244 W Devon Chicago, IL.
What is the asking price?
The asking price for this property is $4,600,000.
What are key features of this property?
This property features: Student tenants with near zero historical vacancy; Fully occupied commercial space with NNN lease; Minimal amount of similar rental product in submarket
