Essex Realty Group, Inc. is exclusively engaged to market for sale 1466-1472 W. Argyle St. (“the Property”), a 24-unit vintage, walk-up building located in the vibrant Andersonville neighborhood of Chicago. The Property is ideally situated steps from the Clark Street commercial corridor and multiple CTA bus stops. In addition, the building is located 0.42 miles west of the Argyle Red Line train stop, 0.45 miles east of the Ravenswood UP-N Metra, and 0.87 miles from Lake Michigan and Montrose Beach.
1466-1472 W. Argyle St. is comprised of twenty-four (24) studio apartments. Front studios feature bay windows, creating an abundance of natural light. Rear units include porches that lead to a courtyard, providing outdoor space rarely found in studio apartments. Units interiors include hardwood floors, individual furnaces, white appliances, laminate countertops, and vintage bathrooms with shower or original clawfoot tubs. Building systems include 400 amp electric service, separate HVAC for the basement, and coin-operated laundry.
The Property represents an exceptional value-add opportunity in a highly desirable Andersonville location. In-unit renovations might include updating the kitchens with new cabinetry and appliances and improving the bathrooms with new tiles, vanities and toilets. Rents for studio units at the building currently average $852 per month. Comparable renovated units achieve $1,150-$1,250+ per month. Other updates may include common areas improvements, adding a bike room, installing additional laundry machines, and creating individual storage lockers in the basement.
1466-1472 W. Argyle St. is located in the desirable neighborhood of Andersonville, a thriving community situated seven miles north of the Loop. The community is located just west of Lake Michigan and was originally developed as an affluent resort area that served as a tranquil oasis away from city life. Landmarks like the Byline Aragon Ballroom, Riviera Theatre, Uptown Theatre and Green Mill Jazz Club hold deep historic, architectural and cultural significance and are still frequented today.
The Property is also located in the heart of the Andersonville Commercial Historic District, a stretch that includes several local and national retailers, coffee shops, bars, and restaurants. The Property is also located just 0.87 miles east of Lake Michigan, providing tenants with easy access to Montrose Beach, multiple dog parks, and the beginning of the Lakefront Trail. The area has benefited from significant public investment in recent years that is rebuilding the area’s public transportation and major thoroughfares. The Wilson CTA Red Line station is located one block south of the Property and is currently undergoing a $203 million renovation. This multi-phase project will replace more than 2,200 feet of the century-old Red & Purple Line tracks in addition to the construction of a new fully-accessible station.
- 24-unit vintage, walk-up building located in the heart of Andersonville
- Exceptional value-add opportunity to renovate units and improve common areas
- Significant rental upside: Nearby, renovated units achieve over $200 more in monthly rent
- Ideally situated steps from the Clark Street commercial corridor and multiple CTA bus stops
- Located 0.4 miles west of the Argyle Red Line Station, 0.4 miles east of the Ravenswood UP-N Metra, and 0.8 miles from Lake Michigan and Montrose Beach