Essex Realty Group, Inc. is exclusively engaged to market for sale 1954-70 W. Montrose Ave., located in the highly desirable Ravenswood neighborhood of Chicago, Illinois. This eleven-unit, fully renovated, mixed-use building comprises luxury apartments with fully leased commercial units.

The unit mix consists of two (2) three-bedroom / two-bath, one (1) large Studio, and eight (8) street-level commercial units leased to four tenants at the corner of Montrose Ave. and Damen Ave. The updated residential units feature gourmet kitchens, modern bathrooms, individual HVAC units, domestic hot water tanks, and in-unit laundry. Additionally, each unit has its own private patio area. Retail tenants include Ravenwood Fitness and Farm Bar, the latest venture from the Farmheads hospitality group.

This is a highly passive investment, with most of the commercial tenants on net leases, and the majority of the building’s expenses are passed through CAM to the tenants, creating minimal operating expenses for the ownership. These long-term tenants have created stability in this asset, making it an iconic and highly recognizable corner in Ravenswood.

The Montrose Brown Line Station is just a few steps from the property, providing tenants easy access to downtown Chicago.

ASSUMABLE DEBT AVAILABLE AT 4.625%
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The subject property is situated in Ravenswood, a highly sought-after Class-A market in Chicago with soaring real estate values over the past decade. Known for its tranquil tree-lined streets, spacious lawns, and historic architecture, Ravenswood combines early 1900s homes with rehabilitated and new-construction single-family homes and condominiums. The neighborhood boasts a diverse array of shops and restaurants, ranging from trendy boutiques to family-owned eateries.

Ravenswood’s streets feature repurposed vintage buildings from the 1900s, now serving as offices, lofts, and artist spaces. The subject property benefits from its proximity, being less than a mile from the recently developed 80,000 SF Mariano’s and LA Fitness, which brought 600 jobs to the community in 2014. Additionally, it is conveniently located about a mile from the renowned Aragon Ballroom and Riviera Theater in Uptown, both hosting top musicians and recognized as popular music venues in Chicago. The neighborhood’s multiple transportation stations, including the Montrose Brown Line Station on the same block as the subject property, enhance accessibility for residents and commercial tenants alike.

• 11-Unit Mixed-Use Building In Ravenswood
• Luxury Apartments and Commercial Storefronts
• Passive Investment with Limited Operational Expenses
• Commercial Spaces on Net Leases
• Farm Bar – Anchor Tenant
• Private Patios
• Two Car Garage
• Majority of Building Expenses Passed Through CAM to Tenants
• Assumable Financing Available