ON MARKET – MULTI-FAMILY
2600 W. Montrose Ave. Chicago, IL 60618
PRICE
$5,450,000
NUMBER OF UNITS
26
CAP RATE
4.57%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 2600 W. Montrose Ave., a 26-unit courtyard apartment building located in Chicago’s Ravenswood neighborhood.

The building is comprised of three (3) studio units, twenty-one (21) one bedroom/one bath units*, one (1) two bedroom/one bath unit, and one (1) three bedroom/two bath unit. All units feature laminate countertops, white appliances, shared laundry, hardwood flooring and radiator heat.

2600 W. Montrose provides investors with an opportunity to acquire a rarely available courtyard building with significant value-add potential. The property is located less than 0.1 miles away from Horner (Henry) Park, 0.2 miles away from ALDI supermarket, and 1 mile away from the Montrose CTA Brown Line.

*One of these units is presently a vacant office space but may be converted into a 1Bd/1Ba unit.

LOCATION DETAILS

The subject property is conveniently located in the Ravenswood Manor/Ravenswood neighborhood, which is considered a Class-A market in Chicago. The area has seen real estate values skyrocket in the past decade, making it one of the highest valued markets in the city. Ravenswood Manor/Ravenswood is well known for its quiet tree-lined streets, spacious lawns, and beautiful residential architecture. Many of the homes that were built in the early 1900s are still around today. These neighborhood properties stand side-by-side with rehabbed single-family homes, new construction single-family homes, and new construction condominiums.

Ravenswood Manor/Ravenswood residents enjoy a variety of shops and restaurants, from trendy boutiques to family-owned eateries. Ravenswood Avenue has several vintage buildings that were used as machine shops or other forms of industrial businesses throughout the 1900s. Some of these buildings are still being used for industrial business purposes, but many have been converted into offices, lofts, and artist spaces. The subject property is only a 10-minute walk from the Francisco Brown Line stop, located at the intersection of Francisco and Manor, which allows for an easy commute directly to the Loop and surrounding neighborhoods. Additionally, the Ravenswood Metra Station is located at Ravenswood and Lawrence, which is only an 8-minute drive from the subject property. This wide array of public transportation allows for a convenient commute to downtown Chicago’s Business District.

HIGHLIGHTS
  • Rarely Available Corner Courtyard Building
  • Numerous Value-Add Opportunities
  • Convenient Location on Montrose Avenue
  • Opportunity to Convert Unused Office Space into 1Bd/1Ba via ADU Pilot Program
LISTING BROKERS
Kate Varde
Principal
773.305.4908
Rick Ofman
Director
773.305.4900