UNDER CONTRACT – MULTI-FAMILY
1051 W. Pratt Blvd. Chicago, IL 60626
NEIGHBORHOOD
Rogers Park
PRICE
Call for details
NUMBER OF UNITS
16
PROPERTY LISTED

Essex Realty Group, Inc. is pleased to present 1051 W. Pratt Blvd., a sixteen-unit lakefront apartment building located in the best location in the East Rogers Park neighborhood of Chicago. The property has been under the same ownership for over 30 years and has been well maintained during its tenure.

The building's unit mix consists of three two-bedroom / two-bath and thirteen one-bedroom / one-bath floorplans. Located directly adjacent to Columbia Beach, several of the units feature beach and lakefront views from the living areas of the apartments. Some recent improvements to the property include a Weil Mclain boiler installed in 2021 and a steam A.O.Smith hot water heater installed in 2020. The apartments feature hardwood flooring throughout, and the kitchens and bathrooms have standard rental finishes that have been slightly updated throughout the years. Additionally, an enclosed, drive-in garage can house two parking spaces at a minimum.

This is truly a rare offering, as it offers multiple value-add opportunities on a unique asset. Due to the long-term ownership, the current rents are drastically below market levels. By upgrading the units, a savvy investor should be able to increase the rents by 40%. Additionally, most one-bedroom apartments can easily be converted to two-bedroom layouts. Finally, Chicago has minimal lakefront buildings, making this a generational hold property for a new investor.

LOCATION DETAILS

The subject property is situated on coveted Pratt Boulevard which is one of the only streets in Chicago with an unobstructed view of Lake Michigan. Pratt Boulevard is one of the premier residential streets in Chicago. Tenants have lakefront views and are within walking distance to nearby parks and activity hubs. With just a few steps residents can find themselves enjoying views of Lake Michigan at Tobey Prinz Beach Park or they could walk directly to Columbia Beach which is just outside the building. Adjacent to the park is Loyola Park Tennis Court, which features four regulation size courts that are open to the public.

Known for its beaches, vintage apartments, cultural diversity, and Loyola University, Rogers Park is one of Chicago's most robust lakefront communities. Just ten miles north of Chicago's Central Business District, Rogers Park has convenient transportation to and from the city including four CTA "L" stops (Loyola, Morse, Jarvis, & Howard stops); one Metra Train stops at Lunt Avenue; five local bus lines; and the Howard Bus and "L" terminal which is the starting point for north suburban travel.

Rogers Park, boasting a population of just over 60,000 people, stretches along Lake Michigan between Devon and Howard and runs west to Ridge Avenue. The neighborhood is home to over 130 restaurants and just as many diverse retail offerings along its central corridors and quaint, tree-lined streets.

HIGHLIGHTS
  • Incredible Beachfront Location in Chicago
  • Unobstructed Views of the Lake
  • East Rogers Park Neighborhood
  • 16 Unit Walkup Apartment Building
  • One & Two Bedroom Layouts with Enclosed Parking
  • True Value-Add Opportunity
  • Potential to Add Additional Bedroom to the Units
  • First Time on the Market in Decades
LISTING BROKERS
Steven Livaditis
Principal
773.305.4840
Jacob Goldstein
Director
773.305.4896