ON MARKET - MULTI-FAMILY
1037 West Polk Street Chicago, IL 60607
NEIGHBORHOOD
Little Italy
PRICE
$1,775,000
NUMBER OF UNITS
6
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale, 1037 West Polk Street, a 6-unit Greystone apartment building located in the heart of Little Italy. This property has been in the same family for more than 40 years, providing investors with the opportunity to acquire a rarely available asset in one of Chicago’s oldest and most established neighborhoods.

The property is comprised of one 1 bed, two 2 beds, two 3 beds, and one 4 bed layout. Each unit features hardwood floors, stainless steel or white kitchen appliances, laminate countertops, central HVAC, in-unit laundry, and the rear units have access to outdoor decks. One unit was recently renovated and includes elevated finishes in the kitchen. An opportunity exists for an investor to increase rents significantly with cosmetic updates to the kitchens and baths in the remaining five apartments. The large laundry room in the rear units may also present an opportunity to make a second full bathroom.

Located on the south side of Polk Street just east of Carpenter Street, 1037 West Polk sits in arguably the most ideal pocket of Little Italy. The property is within blocks in almost every direction of various University of Illinois Chicago (UIC) facilities making it an excellent option for students. In addition, the UIC-Halsted & Polk L Stations and access to 90/290 expressways are less than a mile away, making it similarly convenient for a working professional commute. Fans of the neighborhood may also note that this property is roughly 500 feet from both Carm’s and Fontano’s Subs – two longstanding neighborhood staples, among many of the others just a few blocks further on Taylor Street.

LOCATION DETAILS

Little Italy is a robustly diverse neighborhood situated roughly 2.5 miles west of Chicago’s Loop. The neighborhood is a part of the larger University Village/Little Italy area, known for its historic significance, quiet environment, and continued growth over the past several years.

The property is situated less than two blocks from the University of Illinois Chicago, and just over a mile from the Illinois Medical District, which encompasses Rush University Medical Center & Cook County Hospital. As a whole, the Illinois Medical District has over 2,700 medical students, more than 20,000 employees and nearly 30,000 undergraduate students across the three institutions.

1037 West Polk is ideally located in the heart of Little Italy, just one block to Taylor Street, the main retail corridor that is home to many local cafes, retailers, and restaurants including some of Chicago’s most well-known Italian restaurants. Additionally, residents are less than a mile to both the UIC-Halsted & Polk CTA stations servicing the Pink & Blue Lines, and less than two miles to both Ogilvie & Union Station Transportation Centers.

HIGHLIGHTS
  • A+ Little Italy Location; Surrounded by UIC and Rush Medical District
  • Property Owned by the Same Family for more than 40 Years
  • Extremely Well-Maintained Building with Light Value-Add Upside
  • Apartment Layouts Well Suited for Nearby Students
  • In-Unit Laundry
LISTING BROKERS
Principal
312.998.2112
Principal
847.989.3017
Director
708.466.2626