Kiser Group, Chicagoland’s leading multifamily brokerage firm, presents the sale of The Mabel Exchange. Located at 5920 N. Ridge Avenue, The Mabel Exchange is a mixed-use property in Edgewater’s Andersonville neighborhood, recently ranked the second-coolest neighborhood in the USA by Time Out Magazine. Kiser Group’s Director Andy Friedman, Advisor Jake Parker and Principal & Managing Broker Lee Kiser are marketing the property subject to offer.
“Chicago’s Northside continues to attract the attention of investors, and Andersonville will only continue to increase in desirability for both residents and property owners alike,” said Friedman. “With the commercial space fully leased and residential rents trending upward in the building, we anticipate the market will possibly reach $18,000,000 for The Mabel Exchange.”
The Mabel Exchange features 52 renovated apartments with quartz countertops, stainless steel appliances and in-unit laundry. In addition, the property includes 20,452 square feet of fully-occupied commercial space and 33 garage parking spaces. Renovation on the property was completed in 2021 before lease-up began. Residents at The Mabel Exchange enjoy incredible proximity to some of Chicago’s best restaurants, bars, galleries and shops; the building is one block north of Andersonville and two blocks from the new METRA station being built at Peterson Avenue and Ravenswod Avenue.
“The new METRA station now under construction at Peterson and Ravenswood is two blocks from The Mabel Exchange,” said Parker. “Once completed, rents will increase in this section of Edgewater as more people want close proximity to a 20-minute train ride to Ogilvey. The new owner will enjoy an increasing return on this investment.”
Built in 1915, the property originally housed the headquarters of cosmetics company Maybelline, which was named after the founder’s sister Mabel. The building’s current name – The Mabel Exchange – pays homage to the property’s history and legacy.
“We’re excited to see the work completed on this Edgewater icon,” said Kiser. “The renovations, fully-leased commercial space and longstanding history combined with the Andersonville/METRA location make The Mabel Exchange a sound investment.”