SOLD

It has been long rumored that the "Old Fashioned" cocktail recipe was perfected with Bourbon in a speakeasy in Bucktown during the prohibition. Bucktown has always attracted talent drawing from its earliest settlers' roots from Poland and Germany to its artists in residence today. It's a neighborhood known as a destination for craft, which is most evident in its architecture. Starting with local brick made from the clay found from the North Branch of the Chicago River to the variance of past and present architecture styles, Bucktown is the most authentic example of architectural eclecticism in all of Chicago.

Bucktown has always been primarily residential, with a mix of older single-family homes, new builds with edgy architecture, and converted industrial loft spaces. Although it was common to have a tavern in the middle of a block when Bucktown was founded, it's not possible today. When zoning rules were changed due to prohibition era intolerance for alcohol, restrictions were created to restrict "mid-block" taverns on residential blocks. Very, very few "mid-block" taverns predating current zoning restrictions still survive. 1951 W Dickens Avenue is rare.

The location is primarily accessible from Damen Avenue. According to the City of Chicago data, Damen Avenue bolsters an average daily traffic count of 22,100 vehicles. Damen Avenue acts as the epicenter of shopping and dining in Bucktown, owing to accessibility of both on and off ramps to the Kennedy Expressway. Moreover, this location is among Uber's highest volume drop off zones in Chicago. Despite the tremendous vehicle traffic in the vicinity of this location, million-dollar single family residences have been erected on both sides of 1951 W Dickens. This location is unique.

The location is within a community area of 12,267 residents. Pursuant to census data, Bucktown has a mean household income of $126k, providing its residents with approximately $1.5B of total household income. Of that income, the national average of discretionary spend for this category is 10% which amounts to a total market value of $150m which is shared by 100 similar establishments. That would equate to an average annual revenue of $1.5m per establishment. However, given its proximity to Downtown, it's equally as probable that this location's annual revenue might be greater than $1.5m per establishment because of significant nonresident traffic on Damen. 1951 W Dickens is costly to imitate.

The "Schlitz on Tap" sign that once hung on the front of the property facing traffic on Damen, now missing, was a glowing red neon serving as a beacon to residents walking along Damen Avenue. A kind of beacon that signified an elusive orgastic space where time stood still. According to walkscore.com, Bucktown is a walker's paradise, which means daily errands don't require a car. Because 61% of Bucktown residential units are renter occupied with a median age of 33 years old, it's widely known throughout Chicago to be the artsy late-night hotspot. 1951 W Dicken is unsubstitutable.

The property offers an intimate commercial environment. In addition to the 1400 square feet on the first floor and bonus 890 square feet on the top floor, this space comes with a massive basement for storage or might be converted to a food prep area. A back patio area, two car garage, offering the option of an outdoor commercial proposition. Alderman is Scott Waguespack of the 32nd ward. Ald. Waguespack is a 4th term Chicago Alderman, having honorably served his ward for 14 years and counting. Also, Bucktown has hosted the Bucktown Arts Fest for over 36 years, which is one of the largest in Chicago and by far the best. The space comes installation ready and provides a rare, unique, non-substitutable, and hard to imitate opportunity. Offering all the ingredients that are required to establish a sustainable competitive advantage in business; this space is available by appointment only. Please inquire at info@coordinateproperties.com.

Coordinate Properties is a women-owned commercial real estate brokerage seeking to enhance commercial property visibility and real estate services to entrepreneurs in Chicago.