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535 W Cornelia Ave, Chicago, IL 534 W Stratford Pl, Chicago, IL
Cornelia Stratford
Asset ClassMultifamily
# Units139
Square Feet: 104,257AVG SF: 750AVG In Place Rent: $2.34 / SFAccess Data Room
Vintage High-Rise Buildings with Views of Lake Michigan & Belmont Harbor
overview of deal

Overview

GREA is pleased to present the exclusive offering of Cornelia/Stratford located at 535 W. Cornelia Ave. and 534 W. Stratford Pl. in Chicago’s highly desirable Lakeview East neighborhood. The vintage fifteen and twelve story high-rise buildings were constructed circa 1927 and contain 139 residences with a unit mix of studios, one-bedroom, three-bedroom, and four-bedroom units ranging in size from 268 square feet to 2,959 square feet. This iconic property offers dramatic views of Lake Michigan and Belmont Harbor, is walking distance to a proliferation of diverse and eclectic dining options, recreation and open space attractions, shopping, parks, entertainment establishments, and public transportation.

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Investment Highlights

AVG In Place Rent
$2.34 / SF
  • Two vintage high-rise buildings of 12 and 15 stories
  • Diverse mix of studio, one, three, and four bedroom units
  • Significant physical and operational value-add potential
  • Opportunity to create 2-bedroom residences by reconfiguring larger 3- and 4-bedroom units
  • Ability to add amenity space through second floor reconfiguration and/or penthouse level repurposing of 4-bedroom unit
  • Lakeview East submarket currently among the lowest vacancy rates in the city (3.2%), providing ample opportunity to raise rents
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535 W Cornelia AveChicago, IL 60657
Wrigleyville
Lincoln Park
Boystown
Sydney Marovitz Golf Course
Theater on the Lake
DePaul University
Lakefront Trail

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Listing provided by Revere CRE