UNDER CONTRACT – MULTI-FAMILY
4400-08 N. Magnolia Ave. Chicago, IL 60640
PRICE
Call for details
NUMBER OF UNITS
36
PROPERTY LISTED

Essex Realty Group, Inc has been engaged to exclusively market for sale 4400-08 N. Magnolia Ave. in Chicago, Illinois. The subject property is a thirty-six (36) unit vintage, corner walk-up building at the intersection of Magnolia and Montrose in the Sheridan Park neighborhood of Chicago. The current owner has recently renovated 25 of the 36 units with condo quality finishes.

An investor has the opportunity to acquire a 36-unit property with dramatic rental upside by renovating the remaining units or increasing rent and operating as is.

LOCATION DETAILS

The subject property is conveniently located in the heart of the Sheridan Park neighborhood on Chicago’s North-side. Sheridan Park is a quiet pocket of the Uptown neighborhood. Situated roughly six miles North of Chicago’s Central Business District, Sheridan Park offers residents a tranquil community of treelined streets while still being within close proximity to downtown Chicago. Sheridan Park is located just North of Lakeview and East of Ravenswood allowing residents to enjoy the great qualities these bordering neighborhoods have to offer. This low-density pocket consists of mostly single family homes and mid market apartment buildings. Nearby points of interest include the Aragon Ballroom, Riviera Theater, Chase Park, and Truman College.

Sheridan Park also provides residents the convenience of several retailers within walking distance including Target, Aldi, and Walgreens. Popular nearby restaurants include Anna Maria Pasateria, Baker & Nosh, and Pokiology.

There have been many recent completed developments that are revitalizing the Uptown neighborhood. The city had authorized a $203 million reconstruction project for the Wilson CTA station. This was the largest CTA ‘L’ station project in the agency’s history. The multi-phase project replaced more than 2,200 feet of century-old Red and Purple Line tracks and constructed a fully-accessible station in the heart of Chicago’s Uptown neighborhood. Modern updates to the station include new escalators, wider stairwells, bigger platforms, extra turnstiles, and ADA compliant elevators.

Additional developments in the area include the Clarendon/Montrose, and the Maryville Project. JDL Development has built a 26 story mixed use building located at the intersection of Clarendon and Montrose bringing 381 residential units, a grocery store, and 278 parking spaces to the area. The Montrose/Clarendon development was designated to foster improvements within the Clarendon Park neighborhood within the Uptown Community. FLATS has recently completed a $15 million renovation of the Lawrence house. This project has transformed the historic hotel into fancy micro apartments delivering 344 units to the existing vintage mid-rise building.

Additional modes of public transportation include the numerous CTA bus stops along Ashland Ave., Clark St., and Sheridan Rd. The Wilson Red and Purple line station is a 6-minute walk from 4400-08 Magnolia. In addition, the Ravenswood Metra Station is just a 15-minute walk to the northwest.

HIGHLIGHTS
  • Extremely Well Maintained 36 Unit Building
  • Investor has the Opportunity to Capitalize on Current Rental Market and Increase Rents with or without Additional Capital
  • 25 of 36 (67%) Units have been Renovated with Condo-Quality Finishes
  • Common Area Hallways Recently Painted
  • Brand New Build-Out of Laundry Room
  • Within Close Walking Distance to the Wilson Red & Purple Line Station
  • Steps from Massive New Developments Along Montrose
LISTING BROKERS
Steven Livaditis
Principal
773.305.4840
Joe Scheck, CFA
Director
773.305.4842