Overview
Redeveloped in 2021, 1900 Lawrence is a 4-story mixed-use property located in Ravenswood, one of Chicago’s most desirable north lakefront neighborhoods. The former Sears building now features 59 residential units and 19,054 SF of retail space, occupied by long-term tenants Devry University and Club Pilates. The asset features spacious floorplans that average 26% larger than comparable one and two-bedroom units in the area. The second floor consists of townhome-style units with 20-foot ceilings, offering abundant natural light and views of Ravenswood’s tree-lined streets and the Chicago skyline. Each floor includes amenity spaces catered towards remote work and social gatherings, enhancing the overall living experience for tenants.
Located on the most vibrant corner of Ravenswood, 1900 Lawrence offers immediate access to a variety of national and local retailers, including LA Fitness, Mariano’s, Chase Bank, Starbucks, and CVS. The proximity to transportation options such as the Metra, CTA Brown Line, Lake Shore Drive, and I-90/94 ensures tenants can reach downtown Chicago within 20 minutes, providing the convenience of urban living with the charm of a neighborhood setting.
The robust rental market, along with a high-income base projected to grow by 12% within a 0.5-mile radius through 2029, positions 1900 Lawrence for significant rent growth. With no deliveries during this period, the property is set for substantial appreciation and sustained rental income growth, making it an exceptional investment opportunity.
Investment Highlights
Excellent Micro Location on Ravenswood’s Most Vibrant Corner
· Steps from national and local retailers such as LA Fitness, Starbucks, and Mariano’s (grocery)
· Immediate walk to Ravenswood Metra stop and Damen Brown Line, providing commuters with downtown access within 20 minutes
· 100% occupied retail at the property including DeVry University and Club Pilates
Appealing to Affluent Young Professionals & Families Seeking Spacious Living and Urban Convenience
· Caters to renters seeking spacious living who are priced out of homeownership – Average HH income within 0.5 miles in $141k, while average home values at $620k, making homeownership unattainable for most
· Ideal floorplans for tenants seeking more space without compromising on budget – Rent at comparable properties and unit sizes in Lincoln Park/Lakeview is 27% higher per month, making Ravenswood an ideal location for tenants seeking spacious layouts and urban convenience at a lower cost
· Most desirable option in the area – 1900 W Lawrence offers the largest floorplans in the competitive set, averaging 26% larger than nearby properties. Lofy layouts are also available providing unique, spacious living options at a discount
Supply/Demand Imbalance: Growth in High-Income Renter Households Vastly Outpacing Supply
· Stagnant supply with double digit growth in high earners – No new units are planned within a half-mile radius through 2029, while the population of renters earning over $100k is expected to grow by 12.2%
· Shortage of new product – By 2029, total inventory built after 2015 will only accommodate 18% of renters earning $100k+
Favorable North Lakefront Neighborhood with Robust Fundamentals
· Located in North Lakefront multifamily submarket – While this is the largest submarket on Chicago’s Northside, as of Q1 2025, only 320 units are under construction
· Robust Fundamentals - The submarket consistently demonstrates strong demand fundamentals, with a vacancy rate of 4.2%, which is 200 basis points below pre-pandemic levels, and rent growth 40 basis points above the Chicago market average of 3.1%
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