Essex Realty Group, Inc. is pleased to present 1426 W. Jonquil Ter., a center entrance six-unit apartment building located in the East Rogers Park neighborhood of Chicago. The property has been under the same ownership for 35 years and has been meticulously maintained during its tenure while preserving the buildings vintage detail and charm.
The building’s unit mix consists of five (5) massive three-bedroom layouts and one (1) large two-bedroom layout, which include formal dining rooms, oversized family rooms, front sunrooms, and rear outdoor porches. The apartments feature hardwood flooring throughout, and the kitchens and bathrooms have been modesty updated over the years with standard finishes while preserving the vintage appeal. Notable improvements to the building include copper plumbing throughout, separately metered electricity, and a recently replaced hot water heater in 2019. Heat is provided to all of the apartments via a Weil McLain Boiler and is an owner-paid expense.
This is an extremely low maintenance property with very manageable expenses. An investor has the extremely rare opportunity to acquire a multi-family asset in an area of Chicago that has seen tremendous growth and development. A new buyer can capitalize by operating the building as-is while bringing the current rents to market. Additionally, there is significant upside by updating the apartments, including potentially adding garden units.
Known for its beaches, vintage apartments, cultural diversity, and Loyola University, Rogers Park is one of Chicago’s most robust lakefront communities. Just ten miles North of Chicago’s Central Business District, Rogers Park has convenient transportation to and from the city including four CTA “L” stops (Loyola, Morse, Jarvis, & Howard stops); one Metra Train stop at Lunt Avenue; five local bus lines; and the Howard Bus and “L” terminal which is the starting point for north suburban travel.
Rogers Park, boasting a population of just over 60,000 people, stretches along Lake Michigan between Devon and Howard and runs west to Ridge Avenue. The neighborhood is home to over 130 restaurants and just as many diverse retail offerings along its central corridors and quaint, tree-lined streets. In the last few years, the community has seen significant appreciation in multi-family properties sparked by a rising population of young business professionals and families moving to the area to take advantage of the neighborhood’s rich culture, intimate setting, and attractive housing.
Also of great impact to the Rogers Park neighborhood is the explosive growth in enrollment at Loyola University. The University’s Lake Shore Campus is just steps away from the subject property and is home to over 16,000 students and 1,000 faculty members. Recently crowned the largest Jesuit university in the United States, Loyola University is consistently named a ‘best value’ school by U.S. News & World Report. Eighteen of Loyola University’s nineteen residence hall buildings are located in the Edgewater and Rogers Park neighborhoods, prompting established retailers and eateries to open convenient locations along the campus’ perimeter.
- Phenomenal East Rogers Park Location
- Extremely Well Maintained Center Entrance Six (6) Unit Bldg
- First Time on the Market in Over 35 Years
- Value-Add Opportunity With Tremendous Upside
- 3 Bed / 2 Bath & 2 Bed / 2 Bath Layouts
- Massive Apartments With Formal Dining Rooms
- Current Rents are Significantly Below Market
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