Mixed-Use Corner
For Sale
$7,500,000
1561 N Wells St, Chicago, IL 60610
Four-address assemblage with apartments and leased commercial frontage at a signalized intersection in Old Town.
Property Size15,005 SF
Price / SF$574.80
Days on Market50
Property Features for 1561 N Wells St
General Information
Standard status
Active
Size
15,005 SF
Net Rentable
13,048 SF
Property subtype
Mixed-Use
Occupancy
100%
Site & Location
Corner Location
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x Studio, 2 x 1BR Loft, 2 x 1BR/1.5BA, 4 x 2BR/1BA
Multifamily Units
10
Additional Details
Cap Rate
5.67%
Amenities
Trophy Location on the Corner of North Avenue & Wells Street
Annual Residential Income more than $70,000 Below Market
Anchored by Byline Bank & McDonald's through 2032
Old Town has Experienced 6.2 Percent Rent Growth Year-Over-Year
10 Multifamily Units and Three Ground-Floor Commercial Spaces
Building Details
Building Size
15,005 SF
Buildings
1
Units
13
Tenancy
Multi
Listed By:
Tommy McAtamney · License #License(s): IL: 475.216495
(312) 624-7024
Source:
Marcusmillichap
Added: Aug 30
Changed: Oct 5
Last Checked: Oct 16 at 5:37AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Tommy McAtamney
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Investment Insights
Based on property information with market context.
This mixed-use property combines 10 apartment units with three ground-floor commercial spaces across four addresses: 1561 and 1563 N. Wells Street and 163 and 165 W. North Avenue. The improvements contain approximately 13,048 rentable square feet. Residential accommodations include studios, one-bedroom lofts, one-bedroom units with one and one-half baths, and two-bedroom units with one bath. The commercial spaces are occupied by Byline Bank, McDonald's, and Aloha Poke.
The property sits at the signalized intersection of North Avenue and Wells Street in Chicago's Old Town neighborhood, along the Wells Street retail corridor. CTA Brown, Purple, and Red Line service is nearby, and the Loop is stated to be 10 to 15 minutes away. Commercial leases with McDonald's and Byline Bank extend through 2032 and include contractual rent growth.
The property sits at the signalized intersection of North Avenue and Wells Street in Chicago's Old Town neighborhood, along the Wells Street retail corridor. CTA Brown, Purple, and Red Line service is nearby, and the Loop is stated to be 10 to 15 minutes away. Commercial leases with McDonald's and Byline Bank extend through 2032 and include contractual rent growth.
Key Highlights
- 10 apartment units and three ground‑floor commercial spaces
- Approximately 13,048 rentable square feet across four addresses
- Signalized North Avenue and Wells Street intersection in Chicago's Old Town
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$220,185
Cap Rate
2.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,403,700
$4.4M
Cap Rate 7%
$3,145,500
$3.1M
Cap Rate 9%
$2,446,500
$2.4M
Market Conditions
NOI Build-Up for 13,048 SF
Gross rent
$391.4K $30.00/SF
− Vacancy
−$39.1K −$3.00/SF
EGI
$352.3K $27.00/SF
− OpEx
−$132.1K −$10.13/SF
NOI
$220.2K $16.88/SF
Area
Chicago, IL
Vacancy
10.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,403,700
Cap Rate 7%
$3,145,500
Cap Rate 9%
$2,446,500
Alternative Uses
Best Use
Mixed Use
$3.15M
$2.75M – $3.67M
NOI $220,185 @ 7.0% cap · market cap 2.94%
Second Best
Apartment 5plus
$2.86M
$2.50M – $3.33M
NOI $200,015 @ 7.0% cap · market cap 2.67%
Theoretical Best
Office A
$6.15M
$5.38M – $7.18M
NOI $430,647 @ 7.0% cap · market cap 5.74%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
10
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,317
Businesses Nearby
Explore this area
Business Placement
Demographics for 60610, IL
43,794
Population
30,091
Households
1.5
Avg Household Size
34
Median Age
79%
College-Educated
97%
High-School Grad
1.1 sq mi
ZIP Area
39,813
Density / Sq Mi
$105,649
Median Household Income
$82,934
Median Earnings
$2,029
Median Rent
$543,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Four-address assemblage with apartments and leased commercial frontage at a signalized intersection in Old Town.
Where is this mixed-use property located?
The property is located at 1561 N Wells St Chicago, IL.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: 10 apartment units and three ground‑floor commercial spaces; Approximately 13,048 rentable square feet across four addresses; Signalized North Avenue and Wells Street intersection in Chicago's Old Town
