East Albany Park Apartment Building Comes to Market
Commercial real estate brokerage firm Essex Realty Group, Inc. has been selected to exclusively market 3055 W. Eastwood Avenue, a 13-unit multifamily property located in Chicago’s East Albany Park neighborhood.
The property’s thirteen units consist of one and two-bedroom apartments, all of which have been well-maintained over the years. Each unit features large floorplans, including formal dining rooms and enclosed sunrooms. In recent years, a tremendous amount of capital improvements have been completed, and the property has sustained high historical occupancy.
According to Steven Livaditis, Principal at Essex and the broker leading the sales efforts, “this is a phenomenal opportunity for an investor to acquire an extremely well-maintained building in one of the most sought-after northside pockets of the city. The property sits two blocks from the Francisco Brown Line, Ravenswood Manor Park and is within walking distance to retailers and the Chicago River. Additionally, there is a strong value-add play here as the current rents are drastically below the market.”
3055 W. Eastwood Avenue is currently listed at $2,130,000, a sale price that reflects a 5.52% cap rate and 10.34 GRM.