ON MARKET – MULTI-FAMILY
2500 North Clybourn Avenue Chicago, IL 60614
NEIGHBORHOOD
Lincoln Park
PRICE
$8,500,000
NUMBER OF UNITS
27
CAP RATE
5.44%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale, The Maynard @ 2500 North Clybourn Avenue, a one-of-a-kind 27-unit apartment building in the Lincoln Park neighborhood of Chicago. The project began in 2007 and was intended for condominiums with large floor plans and bedroom sizes plus outdoor space and garage parking. The property has operated as a multi-family building since its completion in 2013.

The building is primarily comprised of oversized 1 bedroom + den apartments averaging 940 SF and similarly sized 2-bedroom apartments. Each apartment features hardwood floors, granite countertops, sleek black appliances, subway tile backsplash, walk-in closets, individual HVAC and laundry in-unit. The common areas feature wide hallways and staircases, a common elevator, and a large indoor parking garage with controlled access. An opportunity exists for an investor to acquire a low-maintenance asset in an excellent Lincoln Park location and to increase rents in as-is condition.

The property is situated on the west side of Clybourn Avenue, just north of Fullerton Avenue, and is conveniently located steps to Lincoln Park’s Riverpoint Plaza which is home to several large retailers, grocery stores, and dining options. The Fullerton L Station and the Clybourn Metra Station are both just 1 mile or less away, along with several surrounding bus stops, providing tenants many excellent public transportation options. 2500 N Clybourn is a rare opportunity to own a new construction building in a prime Lincoln Park location.

LOCATION DETAILS

Chicago’s Lincoln Park neighborhood is one of the best known and most historically significant areas in the city. Located 3.15 miles north of the Loop with Lake Michigan to the east and the Chicago River to the west, Lincoln Park has experienced significant growth over the last few decades. Its proximity to the City’s central business district combined with convenient access to public transportation and lakefront has led to substantial residential and retail growth, transforming the community into one of Chicago’s most desired areas in which to live.

Lincoln Park boasts several attractions including the Lincoln Park Zoo, the Chicago History Museum, and most notably, Lincoln Park, Chicago’s largest public park. Magnificent architecture, charming boutiques, and a vibrant restaurant and bar scene appeal to residents, students and tourists alike. DePaul University is located in the heart of Lincoln Park and boasts a population of over 25,000 students. The university's presence coupled with Lincoln Park’s appeal to younger residents creates substantial demand for rental housing in the area.

HIGHLIGHTS
  • 27 Units Originally Built as Condominiums, Completed in 2013
  • Primarily Large 1 Bed, 1 Bed + Den & 2 Bedroom Apartments
  • 6.4% Cap Rate at Market Rents
  • Great Layouts with 10' Ceilings & Open Floorplans
  • Heated Parking Garage & Elevator
  • Walking Distance to Riverpoint Plaza Retailers & Grocery Stores + Fullerton L Station
  • https://www.themaynardat2500nclybourn.com/
LISTING BROKERS
Jordan Gottlieb
Principal
773.305.4922
Matt Feo
Director
224.305.4102