Essex Realty Group, Inc. has been exclusively engaged to market for sale 1723-1725 W. Thorndale Ave., a 42-unit vintage courtyard apartment building located in Chicago’s Edgewater neighborhood.
The Property consists of 12 studios; 6 one bedroom/one bathroom (700 SF); 12 one bedroom/one bathroom (800 SF); and 12 one bedroom/one bathroom (900 SF) apartments. The building was partially renovated with select units featuring newer kitchens, baths, and hardwood floors. Approximately 30 of the units feature updated cabinets.
The apartment rents are materially below market. For example, the 1 bedroom (900 SF) units average $1,292, while the market rents for competing units are $1,500. Moreover, these units may be converted into two bedroom/one bathroom units (Tiers 1723-B, 1725-B, 1733-A & 1735-A).
1723-1725 W. Thorndale Ave. is situated on the southeast corner of Thorndale and Hermitage Avenues, just three blocks from the new Peterson & Ridge UP-N Metra Station.
Edgewater is located approximately seven miles north of the Loop and is bounded by the Rogers Park community to the north, Uptown to the south, Lincoln Square to the west, and Lake Michigan to the east. Edgewater is home to several beaches and waterfront parks and the vibrant Bryn Mawr Historic District. Additionally, Loyola University’s Lake Shore Campus is located within the neighborhood of Edgewater 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.
- 42-Unit Vintage Courtyard Apartment Building
- Unit Mix: (30) 1Bd/1Ba & (12) Studios
- 12 Units May Be Converted into 2Bd/1Ba Units
- Current Average Rents are Approximately 10%-15% Below Market
- Conveniently Located Just Three Blocks from the New Peterson & Ridge UP-N Metra Station