Essex Realty Group, Inc. has been exclusively engaged to market for sale 2131 W. Ohio St., a 4-unit greystone building in Chicago’s highly sought-after Ukrainian Village neighborhood of Chicago. The subject property offers an attractive unit mix with large apartment layouts and includes three (3) exterior parking spaces. In addition, the property is extremely well-located, steps from Chicago Avenue and 0.5 miles to Western Avenue Metra Station.
The building consists of three (3) 3 Bd/2 Ba + Den units and one (1) 1 Bd/1 Ba garden unit. All of the 3-bed units have been extensively rehabbed and feature open floorplans, 9′ ceilings, hardwood floors, quartz countertops, tile backsplashes, custom light fixtures, built-in microwaves, dishwashers and in-unit laundry.
2131 W. Ohio St. presents an investor with the opportunity to acquire a stabilized turnkey asset with long-term rental upside. A new owner has the potential to bring rents to market in the property’s current condition. For example, three-bedroom layouts at the property are renting for an average of $2,415/month, while comparable nearby units are renting for $2,700 (an 11% increase).
The West Town neighborhood of Chicago is located a few miles west of Chicago’s Loop and offers views of Chicago’s skyline from most parts of the neighborhood. West Town benefits by being comprised of several neighborhoods whose residents have all brought a rich history. Neighborhoods within West Town include East Village, Eckhart Park, portions of Humboldt Park, Noble Square, portions of River West, Smith Park, Ukrainian Village, and Wicker Park.
Today, West Town is rapidly changing and becoming one of Chicago’s most desirable neighborhoods, offering an array of colorful galleries and museums, independent theaters, quaint coffee shops, and a booming restaurant and nightlife scene. 2131 W. Ohio St. is located in the heart of West Town, just blocks from the neighborhood’s popular Chicago Avenue, as well as in close proximity to public transportation.
- Excellent Ukrainian Village Location
- Attractive Unit Mix of 1-Bed and 3-Bed Layouts
- Great for Investors and/or Live-In Owner
- All 3-Bed Units Have Been Extensively Remodeled and Include In-Unit Laundry
- Current Rents are Substantially Below Market
- Steps from Chicago Avenue and 0.5 Miles to Western Metra Station