Essex Lists 1221-27 W. Devon Ave: A 2017 Newer Construction Mixed-Use for $4.6M
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. has been selected to exclusively market the sale of 1221-27 W. Devon Ave, a boutique, newer construction, mixed-use property in Chicago’s Loyola University District.
The building, delivered in 2017, was exceptionally well-designed and comprises eight high-end units near the corner of Sheridan Road and Devon Avenue in the Edgewater neighborhood. The residential units are three-story apartment floorplans with high-end finishes that have been historically leased to Loyola upper-classman students. The listing broker, Steven Livaditis stated, “these are tastefully designed apartments for the market that offer a tremendous amount of indoor and outdoor living space. Very few competing properties can offer similar amenities in the neighborhood; therefore, demand for these rentals is robust.” Additionally, there are three commercial spaces that are fully leased to successful operators.
The property allows investors to acquire a low-maintenance, passive investment for $4,600,000. The list price reflects a cap rate of 5.5%, with a solid rental upside as the current rents are arguably below market. Essex Principal Steven Livaditis & Director Jacob Goldstein are heading the marketing campaign for the Edgewater opportunity.
Situated on Devon Avenue, the parcel is centrally located within the Edgewater and Rogers Park neighborhoods. Just steps away from Loyola University’s Lakeshore Campus, the property is surrounded by restaurants, retailers, fitness centers, and nightlife, commanding performing rents in this market. Moreover, the Red Line is only two blocks from the property, providing tenants with quick and easy access to downtown Chicago or the Northern suburbs.
Please contact Essex Realty Group, Inc. today to schedule a showing.