Marcus & Millichap has arranged the sale of a mixed-use property at 935-937 West Armitage Avenue in Chicago’s Lincoln Park neighborhood, securing a sales price of $6.6 million. The asset combines multifamily housing with street-level retail in a location described as an A+ position within the submarket.
The property includes eight multifamily units situated above a ground-floor retail component leased to Wintrust Bank. According to Marcus & Millichap, the residential portion totals 9,745 rentable square feet and offers a mix of one-, two- and three-bedroom layouts, positioning the building as a diversified apartment offering within Lincoln Park.
Kyle Stengle, a senior managing director of investments and investment specialist in Marcus & Millichap’s Chicago Downtown office, oversaw the transaction. Stengle held the exclusive listing to market the asset on behalf of the seller, 935 W. Armitage, LLC, and also procured the buyer, 935 Armitage, LLC. The assignment involved marketing both the multifamily and retail components to prospective investors.
Stengle noted that the campaign generated strong investor interest, attributing demand to the property’s prime Lincoln Park location, perceived upside in multifamily rents, a recently executed lease with Wintrust Bank, and the building’s prominent corner position. The combination of stabilized retail income and potential to increase residential performance was presented as a key element of the investment thesis.
The buyer intends to allocate additional capital to both the interior and exterior of the building to further enhance the property. While specific improvement plans were not disclosed, the strategy is framed around strengthening the overall quality and positioning of the asset in a submarket characterized by a healthy rental environment.
Marcus & Millichap reports that demand remains solid for well-located multifamily and mixed-use buildings in Lincoln Park, supported by what the firm describes as a strong rental market and the neighborhood’s irreplaceable location attributes. The presence of Wintrust Bank as the retail tenant adds a recognizable financial institution to the rent roll, complementing the building’s residential component.
The transaction underscores continued investor focus on urban mixed-use properties that combine housing with street-level retail in established neighborhoods. With both a bank tenant in place and multifamily units offering rent growth potential, the Chicago Lincoln Park asset represents a fully occupied yet still upgradable property changing hands in the current market.
