Essex Realty Group, Inc. (“Essex”) is pleased to present the exclusive offering of 1451 W. Erie St. (“Property”). The six unit, multi-family property is located in the heart of Noble Square. The Property offers a desirable unit mix of one 1 Bd/1 Ba and five 1 Bd/1 Ba+Den units (650-700SF).
1451 W. Erie St. presents an investor with a significant value-add opportunity. Three of the six units are currently vacant and in need of renovation. The three occupied units have recently been updated with new cabinetry, granite countertops, and flooring. To achieve higher rents, a new owner could also install individual HVAC and in-unit washers and dryers.
The Property is ideally located just two miles from Chicago’s Central Business District, which is easily accessible via the Chicago Blue Line Station roughly five blocks northeast of the Property. Additionally, several CTA bus stations are located just steps away along Chicago, Ashland, and Grand Avenues. Lastly, the Kennedy Expressway (90/94) is just four blocks to the east.
The Noble Square neighborhood is a part of the larger community of West Town. Loosely bordered by Division St. to the north, Ashland Ave. to the west, Chicago Ave. to the south and the Kennedy Expressway to the West, Noble Square is highly coveted for providing residents with a quaint neighborhood that features tree-lined streets yet is still in close proximity to bustling downtown Chicago. Similarly, the commercial corridors of Division St. and Chicago Ave. are well within walking distance and offer residents several restaurant and shopping options. Eckhart Park is located just a few blocks to the north and features an indoor swimming pool, fitness center, and boxing center. The park also provides residents with a baseball diamond, athletic fields, and a playground. Movies in the Park are also featured during the warmer months of the year.
- Significant Value-Add Opportunity
- Highly Desirable Noble Square Location
- Close Proximity to Public Transportation
- Substantially Below Market Rents