Essex Realty Group is pleased to present this value-add, investment opportunity located in the Rogers Park neighborhood of Chicago that is home to Loyola University.
This mixed-use property is comprised of 19 units (6 retail, 13 residential apartments) through two distinct property addresses (1743 W. Touhy Ave. & 7137 N. Clark St.). The Clark St. apartments are all one-bedroom layouts and were completely renovated within the past three years. Improvements include new electric service (wire, panels), copper plumbing, electric baseboard heat, modern kitchens and bathrooms, flooring, and more. The Touhy Ave. side of the property offers the value-add component as eight units are waiting to be renovated and are currently in raw space condition. Please note, new rear porches need to be installed on the Touhy side.
The property has recently undergone a significant façade repair/tuckpointing project, and a substantial portion of the building has been rebricked. Additionally, the current owners have paid for brand new windows on the Touhy side (installation included) and will either transfer the purchase order to the buyer or have the windows installed should the permitting process be completed before closing.
Most of the retail tenants have been long-term tenants of the property, and they are currently on gross leases. Heat for the retail units is provided by a Weil Mclain Boiler, and several of the spaces have individual air conditioning units. Domestic hot water for the entire property is delivered through a newer AO Smith boiler and separate storage tank. The rear of the property offers parking for over six vehicles.
Upon the leasing and completion of the renovation, an investor should yield a positive cash flow higher than 10%.
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. The subject property is also located within steps from the Robert A. Black Golf Course.
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. In the last few years, the community has seen significant appreciation in multi-family properties sparked by a rising population of young business professionals and families moving to the area to take advantage of the neighborhood’s rich culture, intimate setting, and attractive housing.
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. Recently crowned the largest Jesuit university in the United States, Loyola University is consistently named a ‘best value’ school by U.S. News & World Report. 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.
- Rogers Park Location
- Corner Mixed-Use Building
- Value Add Opportunity (Complete Rehab on Eight of the Units)
- One and Two Bedroom Layouts
- Many New Improvements
- Extremely Large Lot