Essex Realty Group, LLC has been exclusively engaged to market for sale the 20-Unit West Town Portfolio. Consisting of five (5) buildings, the portfolio offers a rare combination of geographic proximity, uniformity, and a highly desirable unit mix in a market known for its low-density characteristics.
Geographic Proximity: Four of the five buildings are located on the same block, creating meaningful operational efficiencies, while the fifth property is situated just several blocks away in arguably the most coveted pocket of Ukrainian Village.
Uniformity: All five (5) buildings are virtually identical, creating simplicity in management and maintenance.
Desirable Unit Mix: 75% (15 of the 20 units) are 3 Bedroom / 2 Bathroom apartments.
The opportunity to acquire 20 units in a single transaction is particularly rare in West Town, a low-density market characterized by smaller individual properties and limited opportunities to acquire scale. The portfolio offers an investor the opportunity to establish a meaningful presence in the neighborhood through a single, cohesive acquisition.
All five (5) buildings are located within walking distance of the Division CTA Blue Line Station as well as the highly coveted Division Street Corridor, providing residents with convenient access to public transportation, restaurants, bars, retail, and neighborhood amenities. The portfolio also benefits from its proximity to Fulton Market and the West Loop, two of Chicago’s most significant employment centers and major drivers of rental demand.
Value-Add Potential
Significantly Below-Market Rents: Current Rents are approximately 10% below market in their as-is condition, providing immediate upside through a mark-to-market opportunity. Beyond this existing upside, a new owner may elect to perform cosmetic updates to kitchens and baths and add in-unit laundry, potentially supporting rent increases of over 30%.
ADU / Garden Unit Potential: The portfolio’s 2 Bedroom / 1 Bathroom garden units may be non-conforming and could potentially be candidates for legalization through Chicago’s ADU Program. Notably, all garden units feature high ceilings and ingress and egress. Prospective purchasers should independently verify legal unit count and potential paths to legalization.
The West Town neighborhood of Chicago is located a few miles west of Chicago’s Loop and offers views of Chicago’s skyline from most parts of the neighborhood. West Town benefits by being comprised of several neighborhoods whose residents have brought a rich history. Neighborhoods within West Town include: East Village, Eckhart Park, portions of Humboldt Park, Noble Square, portions of River West, Smith Park, Ukrainian Village, and Wicker Park.
Today, West Town is rapidly gentrifying and becoming one of Chicago’s most desirable neighborhoods, offering an array of colorful galleries and museums, taprooms, quaint coffee shops, and a booming restaurant and nightlife scene. 1470 W Huron St is located in the heart of West Town, only two blocks to popular Chicago Avenue, as well as in close proximity to several public transportation options, and walking distance to the West Loop/Fulton Market & Ukrainian Village/Wicker Park neighborhoods.
*Neighborhood information from https://www.westtownchicago.com/
- Rare Opportunity for Scale in Low-Density West Town Market
- Five (5) Virtually Identical Buildings
- All Buildings in Short Walking-Distance (4 of 5 on Same Block)
- Desirable Unit Mix – 75% (15 of 20 Units) are 3 Bd/2 Ba
- Short Walk to Division CTA Blue Line Station & Division Street Corridor
- Below-Market Rents As-Is, with Significant Cosmetic Rehab Upside
- Current / Market As-Is / Rehabbed Cap Rates: 6.47% / 7.66% / 8.51%