318 Grand Ave, Chicago, IL 60654
12 Unit Apartment Building | $8,975,000 ($747,917/Unit) | Chicago, IL 60654
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $8,975,000
- Property Type
-
Multifamily
- Square Feet
- 17,508 SF
Listing Contacts
Jordan Multack
Verified Profile
Danny Spitz
Verified Profile
- Property Info
Property Overview
Greenstone Partners, as the Exclusive Investment Advisors, is pleased to present the opportunity to acquire the 100% fee-simple interest in 318 W. Grand Ave (the “Property”/”Investment”), a turnkey 12-unit multifamily/retail investment located in Chicago’s River North neighborhood.
The four-story property consists of one (1) retail space and twelve (12) new apartments. Strive Village, a private gym offering personal training, occupies 3,400 square feet on the first floor and 2,186 SF in the basement. The tenant has occupied the space since 2016, having also operated in the building previous to the full renovation. After a full redevelopment of the building in 2023, there are 4 units per floor and each unit features stainless steel appliances, individual HVAC, tankless water heaters, wi-fi thermostats, floor-to-ceiling windows, and private balconies. Additional amenities include in-unit washer/dryer and access to a Butterfly video intercom access system.
The Property benefits from its location in River North, one of Chicago’s most prominent “live, work, play” neighborhoods. It features dense residential housing, versatile office space, and world-class restaurants and nightlife. The Property’s proximity to the CTA Brown/Purple Line ‘L’ station (4 blocks), the CTA Red Line ‘L’ station (5 blocks), Ogilvie Transportation Center (Metra Trains 0.8-miles), CTA bus routes #37, #65, #125, and #156, and the entrance to I-90/94 at the Ohio-feeder ramp (1 block) offer tenants exceptional access to all modes of transportation. The Property’s demographics are among the best in Chicago, with a 1-mile average household income of $152,000, an average home value of $494,000, and a total population of 128,055.
The four-story property consists of one (1) retail space and twelve (12) new apartments. Strive Village, a private gym offering personal training, occupies 3,400 square feet on the first floor and 2,186 SF in the basement. The tenant has occupied the space since 2016, having also operated in the building previous to the full renovation. After a full redevelopment of the building in 2023, there are 4 units per floor and each unit features stainless steel appliances, individual HVAC, tankless water heaters, wi-fi thermostats, floor-to-ceiling windows, and private balconies. Additional amenities include in-unit washer/dryer and access to a Butterfly video intercom access system.
The Property benefits from its location in River North, one of Chicago’s most prominent “live, work, play” neighborhoods. It features dense residential housing, versatile office space, and world-class restaurants and nightlife. The Property’s proximity to the CTA Brown/Purple Line ‘L’ station (4 blocks), the CTA Red Line ‘L’ station (5 blocks), Ogilvie Transportation Center (Metra Trains 0.8-miles), CTA bus routes #37, #65, #125, and #156, and the entrance to I-90/94 at the Ohio-feeder ramp (1 block) offer tenants exceptional access to all modes of transportation. The Property’s demographics are among the best in Chicago, with a 1-mile average household income of $152,000, an average home value of $494,000, and a total population of 128,055.
Property Details
- Class
- C
- Year Built
- 2023
- Stories
- 4
- Lot Size (sq. ft)
- 5,227 SF
- Units
- 12
Highlights
- Turnkey Investment + New Construction Apartments
- Stable Retail Tenant
- Exceptional Neighborhood Dynamics
- Immediate Proximity to Transit
- Outstanding Demographics
Nearby Properties
Similar Properties
FAQ
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- What is the difference between Tier 1 & Tier 2 in the Due Diligence Vault?
- Documents that are placed in a Tier-1 Due Diligence vault require the execution of a Confidentiality Agreement (“CA”) for access. Documents and folders placed in the Tier-2 vault are intended to have an added layer of security and require the execution of a CA in addition to required Broker approval for access.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].