A multifamily walk-up in Chicago’s Old Town neighborhood has changed hands, with Marcus & Millichap arranging the sale of 1503 North Wieland Street. The eight-unit property, located near the intersection of Wells Street and North Avenue, traded for $2.5 million. The building sits within one of Chicago’s most established rental corridors, offering immediate proximity to active retail and dining options that support demand for urban multifamily housing.
The asset, originally constructed in 1899, totals 5,310 square feet and is configured with a mix of one- and two-bedroom apartments. According to Marcus & Millichap, the property includes five one-bedroom units and three two-bedroom units. The established vintage and smaller scale of the building align with the historic fabric of Old Town, while the unit mix targets renters seeking neighborhood living with access to nearby amenities and transit connections along Wells Street and North Avenue.
Kyle Stengle, senior managing director of investments and an investment specialist in Marcus & Millichap’s Chicago Downtown office, held the exclusive listing to market the property on behalf of the seller. Stengle also procured the buyer, Sedgwick Properties LLC, in the transaction. The assignment involved marketing the asset’s long-term rental stability and its positioning within a supply-constrained multifamily submarket. The involvement of a single brokerage team on both the listing and buyer side underscores the role of targeted marketing and curated investor relationships in smaller multifamily trades.
Stengle noted that investor interest in the property was exceptionally strong, citing its Old Town location, attractive unit mix, and track record of rental stability as key drivers. The buyer ultimately acquired the asset as part of a 1031 exchange strategy, seeking to place capital into a well-positioned multifamily property in a mature neighborhood. The purchase highlights ongoing demand from exchange-driven investors for stabilized, infill multifamily assets in central Chicago neighborhoods where new supply is limited.
With its combination of historic character, walkable location, and diversification across one- and two-bedroom units, 1503 North Wieland Street represents a typical Old Town multifamily asset profile. Its proximity to active retail and dining corridors along Wells Street and North Avenue further reinforces the property’s appeal to both renters and long-term investors focused on urban Chicago submarkets.
