1810 Wells St Chicago, IL 60614

Property Details for 1810 Wells St

Year built

1908

Property size

22,771 SF

Property type

Apartment buildings

Description

This stunning 18-unit apartment building, located at 1810 N Wells St in Chicago's desirable Lincoln Park neighborhood (zip code 60614), offers a compelling investment opportunity. The property, built in 1908 and extensively renovated in 2024, boasts 22,771 square feet across three stories and sits on an 18,104 square foot lot. Currently operating at 100% occupancy, the property generates a strong NOI of $887,745, with a pro-forma NOI projected at $915,794, resulting in a 5.15% cap rate and a pro-forma cap rate of 5.31%. The asking price is $17,250,000, translating to $958,333 per unit and $754.69 per square foot. Each unit features modern amenities including in-unit laundry, air conditioning, individually controlled heating, ceiling fans, stainless steel appliances, quartz countertops, Italian cabinets, hardwood floors, exposed brick, and ample storage. Building amenities include controlled access, video security, key fob entry, an elevator, ample storage, a gated and fenced lot, a landscaped courtyard, a picnic area, and a Zen garden. Sixteen parking spaces are available. This Class A property represents a rare opportunity to acquire a meticulously renovated multifamily asset in a prime Chicago location. The property is not subject to a ground lease.