Essex Realty Group, Inc. is proud to announce the sale of 1842 W. Waveland Avenue, a 6-unit apartment building in Chicago’s North Center neighborhood. The Property consists entirely of large, 1Bd/1Ba units with separate living and dining rooms. All units have received various updates over the years and could potentially achieve rent increases of $100/unit/mo. as-is. The Property presented a future investor with the opportunity to further increase returns by completing additional upgrades to the kitchens and baths as well as adding in-unit laundry. A new investor may realize rent increases of $350-$450/unit/mo., or roughly 30%, with these improvements. Moreover, the seller had completed a number of recent capital improvements including a new tear-off roof in 2016, newer electric, and newer windows.
Located near the Roscoe Village and Southport commercial corridors, the Property is steps from many popular shops, bars, and restaurants. In addition, the Property is less than a mile from both the Irving Park and Addison Brown Line CTA stations. The Property also lies within the highly-rated Bell Elementary School District.
- 10+ Tours and Multiple Offers
- Phenomenal North Center Location
- Large, Four Room 1Bd/1Ba Units
- Significant Rental Upside
- Rarely Available Asset
- Recent CapEx: Windows, Roof, Electric, Tuckpointing