UNDER CONTRACT – MULTI-FAMILY
Winnemac Portfolio: 1420-24 & 1426-28 W. Winnemac Ave. Chicago, IL
NEIGHBORHOOD
Andersonville
PRICE
Call for details
NUMBER OF UNITS
12
PROPERTY LISTED

Essex Realty Group is pleased to present for sale 1420-28 N. Winnemac Ave., located in Chicago's sought-after Andersonville neighborhood.

The offering consists of two adjacent center entrance 6-flat apartment buildings totaling twelve units with the opportunity to add an additional four units by right of zoning. They are the only buildings in this quaint residential pocket of Andersonville with RM-5 zoning which adds tremendous value to the assets.

The building's current unit mix consists of twelve (12) two-bedroom / one-bath apartments (approx. 1,300SF) with massive 5.5-room floor plans, including formal dining rooms and oversized family rooms with sunrooms. These units can be easily converted into three-bedroom / two-bath layouts. Several of the units have been updated, and the buildings received many capital improvements, including new TPO roofs (2021), new electric service (1420 Building), new rear porches (2021), and much more. All apartments have individual HVAC furnaces, and domestic hot water is provided via common hot water tanks.

These buildings have been family-owned for over 20 years, and the rents are arguably 20%+ below the market due to the long-term ownership. Additionally, eight parking spaces at the rear of the property offer additional income.

The location of the building also falls within the ADU (Additional Dwelling Unit) Pilot Program Zone, allowing for two additional units to be added to each building, which would significantly increase cashing flow.

LOCATION DETAILS

The subject property is conveniently located in the heart of Chicago’s Andersonville neighborhood. Andersonville is a vibrant neighborhood located in western Edgewater on the North Side of Chicago. Situated roughly seven miles north of Chicago's Central Business District, Andersonville offers residents and visitors a culturally rich community within close proximity to downtown Chicago. Lake Michigan, located just a few blocks to the east, also offers residents easy access to the lakefront's numerous amenities. This low-density pocket consists of mostly single-family homes and small apartment buildings. Nearby points of interest include the Methodist Hospital of Chicago, St. Augustine college, and Aragon Ballroom.

Andersonville features a bustling commercial corridor that is largely comprised of the Andersonville Commercial Historic District which runs from 4800 N. Clark Street to 5800 N. Clark Street. This stretch includes several local and national retailers, restaurants and bars that work in conjunction to provide an appeal of charm and convenience for Andersonville's diverse population

The nearby Margate Park and Foster Beach make lake and park access easy for residents. Amenities include a beach house with food concessions, bike rentals, beachfront trail, and restrooms. A popular dog beach is also located at the northeast end of Foster Beach. The Beach’s beautiful trail runs all the way from Soldier Field to the South and Evanston to the North.

HIGHLIGHTS
  • Phenomenal Andersonville Location
  • Two Adjacent Center-Entrance 6-Flats
  • Extremely Well-Maintained Buildings
  • Both Buildings Have Received Many Capital Improvements
  • 2 Bed / 1 Bath Layouts (Approx. 1,300SF)
  • 8 Parking Spaces (4 Per Building)
  • Current Rents are Significantly Below Market
  • Value-Add Opportunity
  • Opportunity to Add Two Garden Units to Each Building
LISTING BROKERS
Steven Livaditis
Principal
773.305.4840
Brian Karmowski
Managing Director
773.305.4892