838 N Wolcott Avenue
Urban Chicago | Light Value-Add Multifamily | West Town
Marketing description
Greenstone Partners, as Exclusive Investment Advisor, is pleased to present the opportunity to acquire the 100% fee-simple interest in 838 N. Wolcott Avenue (the “Property”), a light value-add multifamily asset ideally positioned in the heart of Chicago’s highly sought-after East Village / West Town neighborhood. Situated just north of the vibrant Chicago Avenue retail corridor, the Property offers investors the rare opportunity to acquire a well-maintained, cash-flowing asset with meaningful rental upside in one of Chicago’s strongest and most supply-constrained rental submarkets.
The Property consists of three (3) 2 Bed / 1 Bath + Den units and two (2) 1 Bed / 1 Bath + Den units. These spacious floor plans are uncommon within the surrounding submarket and appeal to a broad tenant base seeking larger living spaces, work-from-home flexibility, and convenient access to the neighborhood’s retail and dining amenities.
Current ownership has invested significant capital into both the building’s physical structure and major mechanical systems. Recent improvements include a complete tearoff roof and tuckpointing in 2024, basement repairs and a new basement entry door in 2025, and a new central A/C condenser in 2024. Unit-level mechanical updates have also been completed throughout the Property, including a new water heater and washer/dryer in Unit 1F (2025), a new washer/dryer in Unit 1R (2026), a new water heater and washer / dryer in Unit 2F (2024) along with a new refrigerator in 2025, and a new dishwasher and faucet in Unit 3F (2024) followed by a new water heater and washer/dryer in 2025.
The rear units have been renovated with condo-quality finishes, featuring stainless steel appliances, espresso and white cabinetry, granite countertops, and hardwood flooring throughout. A new owner can further enhance the Property’s income potential by investing approximately $60,000 in renovating the front units, positioning them to achieve market rents and maximize cash flow.
Positioned one block north of Chicago Avenue, residents are within walking distance of notable local and national destinations, including Lush Wine & Spirits, Beatnik, Forbidden Root, Opart Thai House, Arami, Roots Pizza, West Town Bakery, and the Chicago Public Library. The Property also benefits from exceptional transit connectivity, located approximately 0.2 miles from both the Kennedy Expressway and the CTA Blue Line, providing seamless access to Downtown Chicago, O’Hare International Airport, and surrounding neighborhoods.
With its premier West Town location, oversized floor plans, recent capital improvements, and clear path to future rent growth, 838 N. Wolcott Avenue represents an exceptional opportunity to acquire a stable, operationally efficient multifamily asset with long-term upside in one of Chicago’s most competitive rental markets.
Investment highlights
LIGHT VALUE-ADD LOTS OF UPSIDE Current ownership has invested significant capital into both the building’s mechanical systems and unit interiors, creating a well-maintained, low-maintenance investment opportunity. The rear units have been renovated with condo-quality finishes featuring stainless steel appliances, hardwood flooring, granite countertops, and updated cabinetry. These improvements provide investors with a largely turnkey asset and a clear path to achieving market rents in the renovated units. New ownership can further enhance the Property’s income potential through a light value-add renovation in the front units, allowing for additional rent growth while benefiting from the substantial capital improvements already completed. Current ownership has invested significant capital into both the building’s mechanical systems and unit interiors, creating a well-maintained, low-maintenance investment opportunity. The rear units have been renovated with condo-quality finishes featuring stainless steel appliances, hardwood flooring, granite countertops, and updated cabinetry. These improvements provide investors with a largely turnkey asset and a clear path to achieving market rents in the renovated units. New ownership can further enhance the Property’s income potential through a light value-add renovation in the front units, allowing for additional rent growth while benefiting from the substantial capital improvements already completed.
OVERSIZED 1-BEDROOM AND 2-BEDROOM LAYOUTS The Property has been recently renovated with condo-quality finishes, providing investors with a turnkey asset and the ability to further increase rents to market levels. The combination of strong in-place condition and below-market rents creates a compelling opportunity for continued NOI growth and value appreciation.
OPERATIONALLY EFFICIENT ASSET The Property features separately metered utilities, minimizing landlord utility responsibilities and helping maintain a low operating expense ratio. This structure creates a more efficient and predictable management profile while reducing exposure to rising utility costs over time.
DYNAMIC WEST TOWN NEIGHBORHOOD Located one block south of Chicago Ave, the Property benefits from its location near a bustling retail corridor that includes national and local retailers such as Lush Wine & Spirits, Beatnik, Forbidden Root Restaurant and Brewery, Opart Thai House, Arami, Root’s Pizza, West Town Bakery and Chicago Public Library.
EXCEPTIONAL ACCESS TO PUBLIC TRANSIT The Property is located next to many public transit options. Conveniently located 0.2 miles East of the Kennedy Expressway, renters can swiftly get to Chicago’s downtown ‘Loop’ and suburbs. The CTA Blue Line ‘L’ stops at Chicago Ave 0.2 miles north of the Property, which takes riders to O’Hare International Airport, the ‘Loop,’ and the western suburbs. CTA bus routes #56 (3.52M annual riders) and #66 (3.19M annual riders) run on Ashland Ave and Chicago Ave, respectively, within walking distance of the Property.
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