Multifamily Property for Sale in Chicago, IL

  • Price: $2.1M
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Chicago, IL 60647
  • Size: 15,600 SF
  • Year built: 1895

Description

Mixed-Use Investment Opportunity | Logan Square | Chicago, IL 2829 W Armitage Ave, Chicago, IL 60647 KW Commercial is pleased to present the rare opportunity to acquire a fully stabilized, mixed-use investment asset located in the heart of Chicago’s thriving Logan Square neighborhood. Positioned at the signalized corner of Armitage Ave and Mozart St, this three-story, 15,600-square-foot building offers exceptional visibility, durable in-place income, and a best-in-class commercial tenancy anchored by the renowned Bar Parisette, a 7,000 SF destination restaurant with a significant local following. Executive Summary This 100% occupied, 5-unit mixed-use property blends a high-performing retail/restaurant tenant with four residential apartments in one of the strongest submarkets on Chicago’s Northwest Side. Featuring two recently renovated residential units (2025), modernized building systems, and substantial 2022 capital improvements, the property provides investors with a high-quality, low-maintenance asset in a rapidly appreciating location. Property Highlights Institutional-Quality Mixed-Use Asset Total Building Size: 15,600 SF Lot Size: 5,250 SF Zoning: B3-1 Configuration: (1) 7,000 SF commercial restaurant (4) residential units: two (2) front units recently rehabbed + two (2) additional updated units 100% Stabilized and fully leased Three-story masonry construction with strong curb appeal and modern systems Commercial Component – Bar Parisette (7,000 SF) A recognized neighborhood anchor, Bar Parisette brings strong brand equity and consistent foot and destination traffic. Its presence elevates the asset’s market profile and reinforces long-term income durability. Lease Summary: Current Rent: Upon Request Annual Increases: Upon Request Tenant Pays: 50% of building real estate taxes + 50% of water usage Full HVAC (hot/cold forced air) 500 SF outdoor deck used for dining and customer activation Significant tenant investment in buildout and FF&E Residential Component

Market Context

This multifamily in Chicago, IL is listed for sale at $2,150,000 across 15,600 SF. The building dates to 1895. It has been on the market for 38 days. Compare it against other multifamily listings for sale in Chicago, IL — <a href="/search/sale/multifamily/illinois/chicago">view the full market</a>.

As of Q1 2026, the Chicago multifamily market showed rents up 9.3% year over year, and cap rates around 4.9%. Source: Consensus Q1 2026 market report.

Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Multifamily market FAQ

What is the typical cap rate for multifamily in Chicago?
About 4.9% as of Q1 2026, per Consensus.

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