Chicago Mixed-Use Building Sold for $3.2 Million
The 4,650-square-foot Wicker Park property includes two apartments and a long-standing retail anchor.
Updated on Oct. 12, 2026 in Commercial
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A mixed-use building at 1560 N. Damen Avenue in Chicago recently sold for $3,187,000. The transaction closed near the original asking price for the 4,650-square-foot property, which sits adjacent to the busy CTA Damen Blue Line 'L' station.
Why it matters
The sale highlights the market appeal of properties anchored by stable retail tenants like Stan's Donuts & Coffee. The building also features residential units currently priced at below-market rents, suggesting potential for income growth for the new owner.
The property sold for $3,187,000, representing a final price within approximately 3% of the asking amount. The site serves an area where average household incomes exceed $150,000 within a one-mile radius.
The players
Greenstone Partners
A real estate firm that facilitated the sale of the mixed-use building.
Stan's Donuts & Coffee
A long-term retail tenant that has operated on the property's ground floor since 2013.
The details
Greenstone Partners managed the sale, representing the seller and securing the buyer in a brief marketing window. The building includes ground-floor retail space currently occupied by Stan's Donuts & Coffee, which has operated at the site since 2013. Additionally, the structure houses two three-bedroom apartments that are currently generating below-market rent, offering a key value driver for the new investment.
Timeline
2013: Stan's Donuts & Coffee began operations at the Damen Avenue site.
The Home Front
Properties situated near the CTA Damen Blue Line 'L' station benefit from consistent foot traffic generated by over 1.2 million annual riders. This sale underscores the ongoing demand for transit-proximate assets in neighborhoods where local household incomes remain well above the city average.
If you live in a similar mixed-use building, keep an eye on your building's retail anchor to understand your property's long-term stability. Renters in properties with long-term anchor tenants may see different patterns in lease renewals compared to purely residential buildings.
The takeaway
Mixed-use buildings in high-traffic corridors often draw interest because of their dual-income potential from retail and residential tenants. Prospective buyers should always review lease terms for existing commercial tenants to gauge the long-term viability of the investment.
Further reading
Learn more about the latest Commercial trends affecting our city's neighborhoods.
Source note: This article includes information reported by MultifamilyBiz.
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