Essex Realty Group, Inc. is exclusively engaged to market for sale 2023-2025 N. Racine Ave., a twelve-unit, walk-up apartment building located in the heart of Chicago’s highly desirable Lincoln Park neighborhood.
The property consists of an ideal unit mix, including six (6) one-bedroom, one-bathroom units and six (6) two-bedroom, one-bathroom units, all featuring spacious layouts and abundant natural light. This unique building has been exceptionally well-maintained and boasts several updates, including upgraded kitchens and bathrooms, as well as in-unit laundry facilities. The apartments are heated by individual HVAC units, with domestic hot water provided by separate hot water tanks for each unit.
This offering presents a true value-add opportunity, providing several avenues for a savvy investor to significantly increase the property’s revenue. Light modernization of the apartments, along with an easy conversion of the first-floor units into duplex 3-bedroom / 2-bathroom layouts, would unlock substantial upside potential in both revenue and equity. These upgrades would capitalize on the strong rental demand in one of Chicago’s most sought-after markets.
2023-2025 N. Racine Ave. is ideally located on a low-density, tree-lined street, just steps from DePaul University’s Lincoln Park campus. Rental demand in this area is consistently high, given its proximity to neighborhood retail, dining, and public transportation, ensuring strong tenant demand and long-term investment stability.
Chicago’s Lincoln Park neighborhood is one of the best known and most historically significant areas in the city. Located 3.15 miles north of the Loop with Lake Michigan to the east and the Chicago River to the west, Lincoln Park has experienced significant growth over the last few decades. Its proximity to the City’s central business district combined with convenient access to public transportation and lakefront has led to substantial residential and retail growth, transforming the community into one of Chicago’s most desired areas in which to live.
Lincoln Park boasts several attractions including the Lincoln Park Zoo, the Chicago History Museum, and most notably, Lincoln Park, Chicago’s largest public park. Magnificent architecture, charming boutiques, and a vibrant restaurant and bar scene appeal to residents, students and tourists alike. DePaul University is located in the heart of Lincoln Park and boasts a population of over 25,000 students. The university’s presence coupled with Lincoln Park’s appeal to younger residents creates substantial demand for rental housing in the area.
- Highly Desirable Lincoln Park Location; Close to DePaul University
- 12-Unit Apartment Building
- Unit Mix: (6) One-Bedroom & (6) Two-Bedroom Layouts
- Below Market Rents – Significant Upside Potential
- Multiple Value-Add Opportunities
- Front First Floor Units Can be Converted into 3 Bed / 2 Bath Duplex Apartments
- Five (5) Exterior Surface Parking Spaces