Marcus & Millichap Arranges $15.2M Sale of Chicago Mixed-Use Property in North Center

Marcus & Millichap has brokered the $15.2 million sale of 3905 North Western Avenue, a mixed-use property in Chicago's North Center neighborhood comprising 30 apartment units and four street-level retail suites, the firm announced Sept. 2, 2026.

The transaction works out to approximately $267 per square foot and roughly $506,667 per residential unit based on the property's 57,000-square-foot footprint and 30-unit count.

Property Details and Unit Mix

Built in 2009, the building sits near the intersection of Western Avenue and Byron Street and contains 12 two-bedroom, two-bathroom apartments and 18 three-bedroom, two-bathroom apartments, along with four ground-floor commercial spaces. The property's larger unit mix and ample parking were cited as key factors in generating investor interest.

The location places residents within the Bell school district and provides access to public transportation, grocery-anchored retail, and neighborhood dining. Western Avenue serves as a major north-south arterial corridor, adding visibility and daily traffic exposure for the retail component.

Brokers and Deal Positioning

Kyle Stengle, senior managing director investments, and Steve Rachman, investment specialists in Marcus & Millichap's Chicago Downtown office, held the exclusive listing to market the property on behalf of the seller.

"The property generated strong investor interest due to its large unit mix, ample parking and location within North Center, one of Chicago's most desirable neighborhoods with highly regarded school districts," Stengle said. "With strong rental demand remaining in the market, the property offered a compelling opportunity for new ownership to invest capital improvements, enhance operations and pursue future rent growth."

The deal was structured as a value-add opportunity, with the brokerage team framing the asset as positioned for rent growth through capital improvements and operational upgrades rather than a lease-up play.

Market Context

The North Center trade reflects continued bid depth for well-located, newer mixed-use assets on Chicago's North Side. The neighborhood's family-sized unit demand — driven in part by proximity to sought-after school districts — has supported lower tenant turnover and rent resilience in similar properties. The 2009 vintage gives the building modern layouts and parking relative to older Chicago mixed-use stock, characteristics that differentiate it in a market where new supply remains constrained.

Marcus & Millichap closed 8,818 transactions totaling approximately $50.9 billion in volume in 2025. The firm operates more than 80 offices across the United States and Canada and employed 1,808 investment sales and financing professionals as of Dec. 31, 2025.

About the Firm

Marcus & Millichap (NYSE: MMI) is a commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services.