Essex Realty Group, Inc. has been exclusively engaged to market for sale 1457 N. Bell Avenue, a six unit walk-up building in Chicago’s Wicker Park neighborhood. The property is currently comprised of one (1) 1Bd/1Ba apartment and five (5) 2Bd/1Ba apartments. The 1Bd apartment is very unique in that the unit was formerly a storefront, so the apartment features high ceilings similar to a loft style unit.
The units are approximately 800 SF each with the exception of the loft style unit, which is roughly 750 SF. The units are heated by individual HVAC units; additionally, the building features several recent updates including newer aluminum windows, roof, copper plumbing throughout, electric service and wiring, and two (2) Rheem 75-gallon hot water tanks.
1457 W. Bell Avenue appeals to investors seeking a lucrative value-add opportunity in one of Chicago’s most sought-after neighborhoods. Current rents are nearly 15% below market as-is and this upside can be achieved with little-to-no work. The average rent for 2Bd units in the building is currently $1,348 while neighboring units of similar quality are achieving $1,600+. Furthermore, a 30% increase in current rents can be realized if a new owner updates the kitchens and baths with condo-quality finishes.
- Under Contract Within 3 Weeks
- 10+ Showings
- Multiple Offers
- 4.9% Cap Rate on Current NOI
- 14.07 GRM