ReJournals | Illinois Multifamily
Essex Realty tapped for three new multifamily listings
January 18, 2021

Chicago-based Essex Realty Group, Inc. is exclusively marketing three Chicago-area multifamily assets: a 19-unit property at 7417-7427 N. Clark Street in Chicago’s Rogers Park neighborhood, a six-unit property located at 3812-3814 N. Wayne Avenue in Chicago’s Lakeview neighborhood and Port Clinton Townhomes, located in suburban Vernon Hills, Illinois.

The Clark Street property is listed for $2,300,000. The apartments feature radiator heat, hardwood floors, white appliances, wood cabinetry, laminate countertops and window air conditioning units. The property also includes eight exterior parking spaces.

7417-7427 N. Clark Street presents investors with numerous investment strategies. A new owner has the ability to increase rents over time, as nearby comparable units are renting at a higher rate than units at the subject property. Alternatively, investors may elect to update the units with modern finishes and add laundry facilities to achieve premium market rents.

“In today’s market, buyers are shying away from intense value-add opportunities. This is where 7417 N. Clark Street really shines as an excellent opportunity, the property hits right down the fairway for both dollar amount and workload that buyers feel comfortable pursuing in today’s economic environment,” said Essex director and one of the listing brokers, Clay Maxfield.

The Wayne Avenue property, listed for $1,900,000, features formal dining rooms, oversized family rooms, enclosed sunrooms and rear outdoor porches. These spacious apartments feature hardwood floors throughout, in-unit laundry, and the kitchens and bathrooms have been modestly updated over the years while maintaining the vintage appeal.

The property sits in the highly accredited Blaine School District and is steps away from the Southport corridor’s vibrant retail and entertainment district. Nestled between multi-million-dollar homes, this low-density pocket has been ideal for families and tenants. The property has been meticulously maintained and has been under the same ownership for over 40 years.

“This is an extremely low maintenance property with very manageable expenses. Based on comparable properties in the area, the subject’s rents are far below the market, and the property offers a new owner multiple value-add opportunities,” said Essex principal and listing broker Steve Livaditis.

The Vernon Hills listing consists of 13 of the 18 townhome units in the Port Clinton Row complex.

“These luxury townhomes present an investor with a unique opportunity to acquire a low-maintenance, new construction property with rental upside,” said Essex director and listing broker Brian Karmowski.

Originally built in 2018 as for-sale townhomes, the units offer tenants the unique opportunity to experience high-end units typically not available to the rental market. Each townhome features condo-quality finishes, large floorplans, in-unit laundry, and an attached two-car garage.

The property is also conveniently located less than two miles from the Prairie View NCS Metra station, one mile from Stevenson High School, and within walking distance to the area’s many shops and restaurants making it an attractive option for potential renters.

Since 1990, Essex Realty Group, Inc. has served Chicago's investment real estate market as a top multifamily real estate brokerage firm. Contact us to learn more about our recent Chicagoland multifamily and mixed-use property sales and talk to a Chicago multifamily broker today.

Read Full Article at ReJournals | Illinois Multifamily