The Milwood | 1422-1426 N Milwaukee Ave
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The Milwood 1422-1426 N Milwaukee Ave
23 Unit Apartment Building $7,500,000 ($326,087/Unit) 7.07% Cap Rate Chicago, IL 60622
Investment Highlights
- 2019 Gut Renovation
- The Millwood building at 1422 Milwaukee is positioned in the heart of Wicker Parks best “highstreet” retail corridor running along Milwaukee Ave.
- 7.07% cap rate | 9.52 GRM
Executive Summary
The Milwood stands out as a unique investment opportunity for a mixed-use property, featuring prime retail space in the heart of Wicker Park on its ground floor and 20 highly desirable loft apartments above. Positioned along Milwaukee Ave, in the heart of Wicker Park’s coveted retail corridor, this property holds immense appeal for both retail and residential tenants. The studio and one-bedroom apartments showcase exposed brick, subway tiling, custom cabinetry, in-unit laundry facilities, glass-enclosed rain showers, bike storage, and limited onsite parking. Combining historic charm with modern amenities, this building provides a unique blend of the past and present.
Property Facts Under Contract
| Price | $7,500,000 | Apartment Style | Low Rise |
| Price Per Unit | $326,087 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.20 AC |
| Cap Rate | 7.07% | Building Size | 16,500 SF |
| Gross Rent Multiplier | 9.52 | Average Occupancy | 90% |
| No. Units | 23 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1869/2019 |
| Property Subtype | Apartment |
| Price | $7,500,000 |
| Price Per Unit | $326,087 |
| Sale Type | Investment |
| Cap Rate | 7.07% |
| Gross Rent Multiplier | 9.52 |
| No. Units | 23 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.20 AC |
| Building Size | 16,500 SF |
| Average Occupancy | 90% |
| No. Stories | 3 |
| Year Built/Renovated | 1869/2019 |
Walk Score ®
Walker's Paradise (95)
Transit Score ®
Excellent Transit (76)
Bike Score ®
Biker's Paradise (95)
PROPERTY TAXES
| Parcel Number | 17-06-216-095-0000 | Improvements Assessment | $420,480 |
| Land Assessment | $43,320 | Total Assessment | $463,800 |
PROPERTY TAXES
Parcel Number
17-06-216-095-0000
Land Assessment
$43,320
Improvements Assessment
$420,480
Total Assessment
$463,800
zoning
| Zoning Code | B3-3 |
| B3-3 |
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The Milwood | 1422-1426 N Milwaukee Ave
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