Kiser Group has been retained to list a mixed-use building consisting of 12 residential units and four commercial spaces at 2256 N. Orchard St. in Chicago’s Lincoln Park neighborhood.
2256 N. Orchard St., a four-story, 16-unit brick building, is listed at $5 million and is located near DePaul University.
“This fully leased property is a solid long-term investment with excellent foot traffic,” said Michael D’Agostino, managing director of Kiser Group, who is marketing the property. “The building also has stable retail tenants, including one national chain.”
Chipotle Mexican Grill has leased the principal commercial space of 2,600 square feet for the past 13 years. Swirlz Cupcakes, The Do Zoo hair salon and Don’s Cleaners occupy the other three retail spaces and have been there four to seven years.
According to D’Agostino, the building consistently maintains an extremely low vacancy rate as the apartments appeal to nearby DePaul students as well as downtown professionals. The entire Lincoln Park area also experiences high rent levels as residents seek to be close to shopping, nightlife, parks, the zoo and the city beachfront, he added.
The property is on the same intersection as the former Children’s Memorial Hospital, which is slated for redevelopment. “There is an opportunity to improve the current cash flow, especially as more residential and retail properties develop at the corner of Lincoln and Fullerton,” D’Agostino said. “The redevelopment at that intersection will make the area an even more popular destination.”
The unit mix consists of six one-bedroom, one-bath units; six two-bedroom, one-bath units; three 866-square-foot retail spaces; and one 2,614-square-foot retail space.
Within the last five years building improvements have included a new roof and completely renovated apartments. All units have individually controlled HVAC.
2256 N. Orchard St. is located directly on the Halsted, Lincoln and Fullerton bus routes and within walking distance of the Fullerton “L” stop on the CTA Red, Purple and Brown Lines.