Essex Realty Group, Inc. has been exclusively engaged to market for sale 1645 W. Chase Ave., a 32-unit courtyard apartment building located on the corner of Chase Avenue and Paulina Street in Chicago’s Northside neighborhood of Rogers Park.
The property consists of 32 apartments, including one (1) non-conforming unit. A new owner may seek to have the unit made conforming with a variance from the alderman. The building is comprised of nine (9) one bedroom/one bathroom units, fifteen (15) one bedroom/one bathroom – large units, three (3) two bedroom/one bath units, and five (5) two bedroom/one and one half bath units. The units feature sunrooms, white or stainless steel appliances, laminate countertops, hardwood floors, and radiator heat.
1645 W. Chase provides investors with the opportunity to acquire a well-maintained courtyard apartment building with demonstrable rental upside. Current average rents are approximately $150-$200/month below neighboring apartments with comparable finishes. In addition, current rents are approximately $200-$400/month below neighboring apartments that have been renovated. The property is located on a tree lined street 0.1 miles from Touhy Park and is in close proximity to local restaurants, boutiques, and the Jarvis Red Line CTA station.
Rogers Park is Chicago’s northern-most lakefront neighborhood. Spanning from Devon Avenue to Howard Street, Rogers Park is home to more than 55,000 residents, 72% of whom are renters. In addition, Rogers Park has virtually no new market rate housing developments in its pipeline, unlike Chicago’s other lakefront neighborhoods, adding a layer of protection to apartment investors.
1645 W. Chase Ave. is conveniently located 0.3 miles from the Jarvis Purple and Red Line Station and 0.4 miles from the Rogers Park UP-N Metra Station, providing tenants easy access throughout Chicagoland.
- Yellow Corner Courtyard Building
- Easy conversion of 1Bd/1Ba to 2Bd/1Ba
- GRM: 10.28
- CAP: 5.30%