1342 W Randolph St, Chicago, IL for sale

Investment Overview

1342 West Randolph Street presents a rare opportunity to acquire a stabilized, value-add, boutique multi-family asset in the heart of Chicago’s premier Fulton Market. The 23-unit property features (20) large 2BD/2BA apartments, (2) luxury high-end penthouses, ~11,354 SF of buildable area permitted by the property’s C1-5 zoning, on-site garage parking and ground-floor retail occupied by Millennium Dental on a NNN lease. The property offers meaningful upside through residential rent growth as leases roll to market, complemented by significant long-term retail rent growth and the ability to add to the property’s unit count. Fulton Market has emerged as one of Chicago’s premier live-work-play destinations, supported by a deep concentration of prominent corporate occupiers including Google, McDonald’s Global Headquarters, Mondelēz International, Dyson, Kimberly-Clark, John Deere, WPP, Salesforce, and Boston Consulting Group, alongside a growing concentration of technology, professional services, and creative companies. The neighborhood is further supported by luxury residential development, ongoing investment from major developers and distinguished retail and hospitality brands like Reformation, Patagonia, Rick Owens, Madewell, Mejuri, Monos, lululemon, Herman Miller, Whole Foods, Nobu, Soho House and The Hoxton Hotel. Most notably, Randolph Street’s renowned “Restaurant Row” has established itself as a world-class culinary destination, featuring more than 10 Michelin-recognized restaurants. The corridor is also home to Smyth, located adjacent to 1342 W Randolph Street, which was named North America’s No. 1 Restaurant for 2026 by the North America’s 50 Best Restaurants Academy. Combined, the property’s rarity in the market, boutique scale, condo-quality residences, stable occupancy, development potential, significant rent growth opportunity and exposure to Chicago’s strongest neighborhood growth story make 1342 W Randolph a highly differentiated multi-family investment opportunity.

Investment Highlights

• Stabilized Multi-Family with Ground Floor Commercial: A core Fulton Market investment offering includes 22 residential units situated above a ground-floor dental practice.
• Condo-Quality Apartment Units: Unit breakdown includes (20) large 2BD-2BA units with an average unit size of 1,273 SF, all with expansive private outdoor balconies; (1) 3BD-2BA penthouse unit and (1) 2BD-2BA penthouse unit, both featuring unparalleled skyline views and high-end luxury finishes.
• Near 1:1 Parking Ratio: (19) garage spots + (1) outdoor loading space and the property is located across the street from Fulton Market’s only public parking garage, Union Parking, which features 502 garage parking spaces.
• Immediate Value-Add Potential: The (20) 2BD-2BA units average an in-place rental rate of $3.00/PSF/Month, presenting an immediate near-term lease-up opportunity at market apartment rents.
• As-of-Right Development Potential: ~11,354 SF of as-of-right buildable area under the property’s C1-5 zoning, offering potential to expand the existing footprint and add residential units without a zoning change or variance.
• Significant Retail Upside: The corner retail unit on Randolph Street, currently occupied by Millennium Dental, has very substantial long-term market rent upside.
• Incomparable Asset: 1342 W Randolph is one of only a few boutique multi-family buildings in Fulton Market.
• Fulton Market Location: Situated in Chicago’s premier, high-demand submarket and surrounded by world-class dining, luxury hospitality, distinguished brands, tech headquarters, and continuous neighborhood investment.
• Transit-Oriented Connectivity: Excellent transit access, located steps from the Ashland CTA Green and Pink Line stations.