1216 W. Diversey Chicago, IL 60657

Property Details for 1216 W. Diversey

Year built

1923

Property type

Residential income homes

Property subtype

Residential income properties

Description

Kiser Group has been exclusively engaged to market for sale 1216 W. Diversey / 2812 N. Lincoln, a 4-unit mixed-use wrap around building. The property is located in Lakeview/Lincoln Park's 6-corner intersection and features two frontages - on both Diversey and Lincoln. Situated on the border of two of the most popular Chicago neighborhoods: Lakeview and Lincoln Park. The unit mix is comprised of three (3) 3 bed / 1 bath apartments and one (1) ground floor retail space. The apartments were renovated in 2012 and feature kitchens with granite countertops, stainless steel appliances and individual HVAC and hot water tanks. The ground floor retail tenant is a well-established tap room - Beermiscuous - who has operated in this location since 2013 and has 5 years remaining with 3% annual increases. The retail space is built out with lofted ceilings, modern tiling and hardwood floors throughout. 1216 W. Diversey / 2812 N. Lincoln offers the opportunity to acquire a well-located asset with opportunity to grow apartment rents as they are 12% below market. Situated 0.3 miles to CTA Brown/Purple lines, 0.1 miles to Lake Michigan, 0.5 miles to DePaul's campus, this acquisition provides consistent demand in a continuously changing market. The Lincoln Park neighborhood of Chicago is located on the North Side of the city, five miles from downtown. Residents of this neighborhood enjoy ample outdoor space, as Lincoln Park is home to the Lincoln Park Zoo, North Avenue Beach, and the 1,200-acre Lincoln Park. The revered Steppenwolf Theatre Company and countless other boutiques, restaurants and fitness offerings are scattered along Halstead Street. Armitage Avenue also offers residents amenities with independent boutiques and high-end retailers. Lincoln Park also houses DePaul University on a 38-acre campus for its 14,816 undergraduate students. Lakeview is a core neighborhood in Chicago, located 6 miles north of downtown. With Lake Michigan to its east, Lakeview spans from Diversey to the south, Ravenswood to the West and Irving Park to the North. Residents have ample access to public transportation and recreation, such as the 9-hole Sydney R. Marovitz golf course and Briar Street Theatre located in Lakeview.