Essex Realty Group, Inc. has been exclusively engaged to market for sale 1350-52 N. Cleveland Ave., a recently rehabbed center-entrance 6-unit apartment building in Chicago’s Old Town neighborhood. The offering presents a tremendous opportunity to acquire a turnkey asset in one of Chicago’s most sought after neighborhoods

The Subject Property is comprised of six (6) 3 Bed/2 Bath apartments and includes five (5) exterior parking spaces in the rear. Each unit features luxury vinyl flooring, stainless steel appliances, quartz countertops, dishwashers, central heat and air conditioning, in-unit laundry, and semi private exterior sitting space on the rear porch. An opportunity exists for an investor to increase rents by more than 15% in several cases, with very limited work to each of the units. 3 Bed/2 Bath apartments rent frequently for more than $4,000 in the surrounding area – see enclosed rent comparables.

The building is situated on the west side of Cleveland Avenue, less than a half-mile from the Sedgwick Brown/Purple Line and the heart of Wells Street. Wells Street is recognized as one of Chicago’s most lively thoroughfares and has an abundance of trendy restaurants, bars and shops. Given the access to both Chicago’s main commercial district from the building and to such a prime entertainment strip, the long-term strength of this location is generally considered secured.

The Subject Property is positioned on a quiet, tree-lined street, just a short walk from Wells Street – the neighborhood’s notorious main thoroughfare that houses numerous popular local restaurants and bars. Lincoln Park, one of Chicago’s largest and well-known parks, is located a few blocks further east and is just a 15 minute from the building. Old Town features convenient transportation options including easy access to Lake Shore Drive, both the Sedgwick & Clark/Division CTA stations, plus a number of bus stops & Divvy Bike Stations making it an ideal place to live for anybody who works in the Loop, River North, and throughout Chicago’s Northside neighborhoods.

Old Town is a designated historic district filled with rich history and beautiful Victorian-era buildings nestled between the Gold Coast/River North & Lincoln Park. Old Town is home to Chicago’s famous improv comedy training center The Second City, a Chicago staple that opened its doors in 1959. Additionally, The Old Town Art Fair was one of the original neighborhood fairs in Chicago dating back to 1949. Today the Fair features exhibits from more than 250 artists and showcases the quaint homes and gardens along the tree-lined streets. Old Town is also home to the historic St. Michael’s Church which is famous for surviving the Great Chicago Fire.

• Turnkey Asset in Old Town
• Significant Rental Upside – 15% As-Is
• Ideal Unit Mix: (6) Large, 3 Bed/2 Bath Units
• ½ Mi. to Sedwick Brown Line
• ½ Mi. to Heart of Wells Street