ON MARKET – MULTI-FAMILY
5417 North Kenmore Avenue Chicago, IL 60640
NEIGHBORHOOD
Edgewater
PRICE
$8,320,000
NUMBER OF UNITS
65
CAP RATE
5.2%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale, 5417 North Kenmore Avenue, located in Chicago’s popular Edgewater neighborhood. This corridor-style building is comprised primarily of studios and 1-bedroom apartments, along with a spacious lobby, a passenger elevator, a freight elevator, and one first floor bonus unit that is currently being used by maintenance. The property falls within Chicago’s Accessory Dwelling Units (ADU) ordinance. All of the units feature laminate floors, white kitchen appliances, spacious closets, radiator heating and coin laundry in the basement. Currently, only one unit has been renovated and includes new LVT plank flooring, an updated kitchen & bathroom, and electric baseboard heat. This property provides an investor with a value-add opportunity to update the remaining units to raise current rents to market levels in a great neighborhood with a large and consistent rental market.

The property is situated just steps north of the northeast corner of Kenmore Avenue and Balmoral Avenue. It is conveniently located 2 blocks to the Berwyn L stop, 2 blocks to Broadway Avenue for shopping and dining, only 7 blocks to the popular Andersonville Clark Street, and half a mile from Foster Beach on Chicago’s lakefront, making this an excellent location on Chicago’s north side. In addition to the Berwyn L stop, the Bryn Mawr L stop is only 5 blocks away in the Bryn Mawr Historic District. Quick access to the CTA Red Line Station, along with several bus stops, offers tenants many excellent public transportation options. 5417 N Kenmore is a rare opportunity to own a stately building with good density in a prime Edgewater location, making this an excellent opportunity that does not come available very often.

LOCATION DETAILS

The subject property is located in the Edgewater neighborhood on the north side of Chicago. The lakefront neighborhood of Edgewater is located approximately seven miles north of the Loop and is bounded by the Rogers Park community to the north, Uptown to the south, Lincoln Square to the west, and Lake Michigan to the east.

Edgewater is home to several beaches and waterfront parks and the vibrant Bryn Mawr Historic District. Additionally, Loyola University’s Lake Shore Campus is located within the neighborhood of Edgewater and is home to over 16,000 students and 1,000 faculty members. Eighteen of Loyola University’s nineteen residence hall buildings are located in the Edgewater and Rogers Park neighborhoods, prompting established retailers and eateries to open convenient locations along the campus’ perimeter.

5417 N Kenmore Ave is also located steps from many retail and restaurant options along Broadway. Additionally, residents are only blocks away to both the Bryn Mawr & Berwyn CTA Red Line Stations, Mariano's, and the beaches of Lake Michigan.

HIGHLIGHTS
  • 65 Units Consisting Primarily of Studios & 1 Bedroom Apartments
  • Extremely Well Maintained by Long Term Professional Management
  • Includes a Spacious Lobby, Passenger Elevator & Freight Elevator
  • Opportunity to Improve Common Areas & Renovate Kitchens & Baths to Substantially Increase Income
  • Prime Location in Edgewater Blocks to Broadway Avenue, Andersonville Clark Street & Chicago's Lakefront
  • Walkable Distance to the Berwyn & Bryn Mawr Red Line CTA "L" Stations
LISTING BROKERS
Jim Darrow
Principal
773.305.4920
Jordan Gottlieb
Principal
773.305.4922