Essex Markets Value-Add Opportunity in West Ridge

Essex Realty Group has listed 2453-2457 W. Fargo Ave., a corner 13-unit multifamily property located in West Ridge on Chicago’s far North Side. It’s listed for sale at $1,645,000 by Essex directors Abe Eilian and Matt Feo.

This boiler building is primarily comprised of one-bedroom units. Four of the 13 apartment units have been renovated in recent years and a value-add opportunity exists for a new owner to continue to renovate the remaining apartments. The property also has a rear courtyard with a large common lawn, on-site washer/dryers in the basement, and six garage parking spaces.

The property is situated in a pocket of West Ridge surrounded by single-family homes and relatively low apartment density. With many local restaurants, bars, and shopping options and close proximity to several schools, parks, and public transportation, the convenient location of this property has contributed to its historically long-term and loyal tenancy.