ON MARKET – MULTI-FAMILY
4501 & 4503 N. Milwaukee Ave. Chicago, IL 60630
PRICE
$3,000,000
NUMBER OF UNITS
17
CAP RATE
5.63%
PROPERTY LISTED

Essex Realty Group, Inc. is exclusively engaged to market for sale 4501 & 4503 N. Milwaukee Ave., two contiguous mixed-use buildings containing fourteen apartments, 2,800 square feet of retail, six parking spaces and basement storage space.

The apartments were updated in 2013 with modern finishes and many have open floor plans. All units are outfitted with hardwood floors, updated tiled bathrooms, stainless steel appliances, granite countertops, individual HVAC, hot water tanks, stackable laundry. Presently, one of the apartments is being used as the seller's office but will be converted into a three bedroom one bathroom apartment prior to closing. The 2,800 square feet of retail is currently vacant, however, the seller will master lease the space at a rate of $12/SF for a two year term.

4501 & 4503 N. Milwaukee Ave. presents investors with an opportunity to acquire a renovated corner building in a desirable location. The property is located 0.6 miles from the Mayfair MD-N Metra Station and 0.8 miles from the Montrose CTA Blue Line, providing residents access throughout the city and suburbs. The property is also within close proximity to Six Corners Sears redevelopment project.

LOCATION DETAILS

Portage Park is located on the northwest side of the City of Chicago situated between Jefferson Park and Forest Glen to the north, Dunning to the west, Irving Park to the east, and Belmont-Cragin to the south. Known for its 36-acre, namesake park, that hosted the 1959 Pan-American Games and the 1972 US Olympic swimming trials, Portage Park is also famous for the Six Corners retail corridor. Six corners refers to the intersection of Irving Park, Cicero Avenue, and Milwaukee Avenue and is home to many local European influenced boutiques and stores in addtion to the Portage Park & Patio Theaters.

4501 & 4503 N. Milwaukee Ave. is located 0.8 miles from Six Corners and is conveniently located steps from multiple bus routes along Montrose Avenue and Milwaukee Avenue. Residents benefit from the immediate proximity to retaurants, entertainment, shopping, and transportation including the Kennedy Expressway. The property is located 100 ft. from the #56 Milwaukee bus stop, and 0.2 miles from the #78 Montrose bus stop, providing tenant with easy access throughout Chicago.

HIGHLIGHTS
  • Two contiguous mixed-use buildings containing fourteen apartments, 2,800 square feet of retail, six parking spaces and basement storage space
  • The apartments were updated in 2013 with modern finishes and many have open floor plans
  • Seller will master lease the space at a rate of $12/SF for a two year term
  • Opportunity to acquire a renovated corner building in a desirable location
LISTING BROKERS
Tetis Seferi
Associate
773.305.4900
Kate Varde
Principal
773.305.4908
Jaimie Steinher
Director
773.305.4916