Essex Lists Unique $6.1M Rogers Park Property: Several Investment Approaches Offered
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. has been selected to exclusively market for sale 6928 N. Wayne, a 50-unit multifamily apartment building located in Rogers Park. The property consists of 32 studios, 18 one-bedroom apartments and 30 parking spaces.
The property, known as Wayne Senior Apartments, is 100% rented to residents 55 years or older, whose income is at or below 60% of the area’s median income. The tax credit extended use restriction expires in May 2024, providing a new owner with the opportunity to update and convert the property to market-based housing, or possibly to extend the current program with a new tax credit structure. The current capital stack does not include any soft debt.
“This property provides investors with several different investment strategies. A new owner might continue operating the property as is; convert the units to market-rate housing; or renovate the units using tax credits. There is also an opportunity to convert the first-floor spaces to residential units via the ADU Ordinance,” according to Essex President Doug Imber.
In addition, the property is exceptionally well-located just one half block from the Morse CTA train station, and approximately 0.4 miles away from Loyola Beach, Loyola Park, and Lake Michigan. The property is also just 0.7 miles from Loyola University’s main Lake Shore campus.