Essex Realty Group, Inc. has been exclusively engaged to market for sale 1730 W. Greenleaf Ave., located in Chicago’s Rogers Park neighborhood. The property is less than one block from the Rogers Park UP-N Metra Station, 0.5 miles from the Morse CTA Red Line Station, and just 0.7 miles from Lake Michigan. Unlike other lakefront neighborhoods in Chicago, Rogers Park has virtually no new market-rate housing developments in its pipeline, offering apartment investors an added layer of protection.

This adaptive reuse property, originally a community center, was converted into a 30-unit apartment building in 2018 as a transit-oriented development (TOD). As part of the conversion, two stories were thoughtfully added to the structure, designed to complement its neoclassical facade. The building’s history was also honored by restoring the original “Jewel Laundry” name above the entrance. The building features an elevator, all-new building systems, and 2:1 bike parking.

The property consists of 24 one-bedroom/one-bathroom units and 6 studio units. These apartments offer modern finishes, including new drywall, recessed lighting, 10′ to 12′ ceilings, brand-new kitchens and bathrooms, and new hardwood floors. Each unit is equipped with in-unit Bosch laundry, dishwashers, microwaves, and tenant-controlled HVAC. There is only one gas meter for the entire building, which presents an opportunity for the new owner to implement a utility reimbursement or bundled service fee to boost income. Additionally, 10% of the units (3 apartments) are designated as ARO units.

The seller increased rents by nearly 9% during the last leasing season, with further rental upside still attainable.

Rogers Park is Chicago’s northernmost lakefront neighborhood. Spanning from Devon Avenue to Howard Street, Rogers Park is home to more than 55,000 residents, 72% of whom are renters.

Rogers Park is home to the lively Glenwood Arts District, where the streets are transformed into a pedestrian-friendly area perfect for outdoor dining and vibrant community gatherings.

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.

• Adaptive Reuse 30-Unit Apartment Building
• Unit Mix: (6) Studio, (24) 1Bd/1Ba
• New Drywall, Recessed Lighting, 10’ to 12’ Ceilings, Brand New Kitchens and Bathrooms, and New Hardwood Floors
• Less Than One Block From the Rogers Park UP-N Metra Station, 0.5 Miles From the Morse CTA Red Line Station, and 0.7 Miles to Lake Michigan