1528 Wabash Ave, Unit A Chicago, IL 60605-2901

Property Details for 1528 Wabash Ave

Year built

1911

Lot size

0.37 lot acres

Property type

Office Properties & Spaces

APN

17-22-106-090-1101

APU

17221060901101

Description

This exceptional 51-unit apartment building, known as Imperial Lofts, presents a compelling value-add investment opportunity in Chicago's vibrant South Loop neighborhood. The property boasts 61,338 square feet across six stories, situated on a 0.38-acre lot with 100 feet of frontage on Wabash Avenue. Built in 1904 and renovated in 2000, the building is currently 100% occupied and features a mix of 30 one-bedroom/one-bathroom, 15 two-bedroom/one-bathroom, and 5 two-bedroom/two-bathroom units. The first floor includes approximately 2,500 square feet of retail space, while the remaining ground level and basement provide interior heated parking. Additional exterior parking is available on adjacent land owned by the building. The building offers desirable amenities including a fitness room, bicycle storage, and a storage room, along with controlled access and a separate freight elevator. Its prime location offers exceptional walkability and transit access, with proximity to the Roosevelt CTA station (Red, Orange, and Green lines), the 18th Street Metra station, and numerous bus routes. The South Loop's strong demographics, including a high average household income of $133,000 within a one-mile radius and significant population growth, further enhance the investment potential. The asking price for this Class B multifamily property is $14,995,000. The permitted zoning is DX-7. This property represents a rare opportunity to acquire a well-maintained, high-occupancy building in a rapidly developing area.