Essex Realty Group, Inc is pleased to announce the sale of 1637-41 W. Estes Ave., a nineteen-unit “L” shaped walk-up located in the East Rogers Park neighborhood of Chicago. The unit mix is comprised of spacious one-bedroom apartments with four unique floorplans. The property offers a new owner multiple value-add opportunities including potentially converting the dining rooms in select floorplans into a second bedroom. With the favorably sized units and an unprecedented demand for housing in this East Rogers Park location, a new owner can achieve tremendous future upside.
Within a 20-day timeframe, Essex led an extensive marketing campaign resulting in more than 13 tours and five offers. The property sold within 97% of the list price to a local investor.
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.
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. 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.
- East Rogers Park Location
- 19-Unit Walkup
- Extremely Well Maintained and Family-Owned for 30+ Years
- 1 Bed / 1 Bath Layouts with 2-Bed Conversion Opportunity
- Current Rents are 20%+ Below Market
- 13+ Tours in 20 Days
- Multiple Written Offers
- Competitive Bidding Process
- Sold within 97% of the List Price