Graceway Corners, located at 3751 N. Halsted Street in Chicago, has been listed for sale by Chicago-based multifamily brokerage firm Kiser Group. Located at the three-way intersection of Broadway, Halsted and Grace in Lakeview, the three-story mixed-use building features 24 residential units and 14 commercial units.
Graceway Corners is represented by Kiser Group’s listing team Andy Friedman, Jake Parker and Lee Kiser.
“We expect a wide range of investor interest, from reconfiguration to complete redevelopment, due to the location of Graceway Corners at the convergence of Lakeview, Wrigleyville and Boystown,” said Kiser.
Graceway Corners’ site is 17,305 square feet and zoned C1-2. The asset was built in 1927 as a hotel and later converted to a 117-bed boarding house as the neighborhood deteriorated. In the early 1980s, the current owner bought and renovated the property resulting in nearly 13,600 square feet of retail and 24 apartment units.
“Graceway Corners was one of the first and most pivotal redevelopments in the 1980s, helping change the direction of the neighborhood, which encouraged additional redevelopment and investment,” said Friedman. “Current ownership has taken great care of this property for the last 36 years.”
The current residential units are a combination of loft-style flats and duplexes. Flats range from 656 to 915 square feet and average $1,303 per month in rent. Duplexes range from 970 to 1,428 square feet, and the average rent is $1,699 per month. Graceway Corners’ 14 commercial spaces total nearly 13,600 square feet.
“Area amenities such as Whole Foods, the Addison CTA Red Line Station, restaurants, bars, Wrigley Field and Chicago’s lakefront parks create strong tenant demand, which should result in the absorption of higher rent levels at the property,” said Parker. “The possibility of reconfiguring the units to layouts more consistent with recent developments will create even higher yields for an investor.”
Kiser Group anticipates investor interest from Chicago multifamily investors, as well as out-of-state and international buyers.
“Opportunities in locations like this are infrequent. That coupled with the value-add potential of Graceway Corners should create a high level of investor activity during the marketing,” said Friedman.