Essex Realty Group, Inc. is pleased to announce the sale of 2317-2325 W. Chase Avenue, a 12-unit multifamily property located in Chicago’s West Rogers Park neighborhood. Essex Realty Group conducted an extensive marketing campaign resulting in more than 10 property tours and multiple offers. This is the second Rogers Park-area apartment building closed by Essex in the past month, following 7416 N. Rogers Ave. in February.
The building is comprised of nine (9) 1Bd/1Ba, two (2) 2Bd/1Ba, one (1) 4Bd/2Ba apartments, and two (2) parking spaces in the rear. The building features a boiler, a new A.O. Smith hot water heater installed in 2019, 200 amp electric service, and coin-operated laundry. All units feature hardwood floors throughout, white appliances, wood cabinetry, laminate countertops, vintage details, radiator heat, and window air conditioning units.
2317-2325 W. Chase Ave. presented investors with multiple investment strategies. Two bedroom units at the building are renting for an average of $1,165/month, while nearby comparable units are renting for $1,200-$1,250/month. Alternatively, there is an opportunity to update the units with modern interiors, individual HVAC, and in-unit laundry. Renovated two bedroom units are renting for $1,300-$1,350/month.
- 12-unit, vintage walk-up apartment building located in the West Rogers Park
- Essex generated 10 property tours and procured multiple offers; Please call for sale details
- Unit Mix: nine (9) 1Bd/1Ba, two (2) 2Bd/1Ba, one (1) 4Bd/2Ba apartments, and two (2) parking spaces
- Recent capital improvements include new A.O. Smith hot water heater installed in 2019
- Value-add opportunity to renovate units; Nearby renovated 2Bd/1Ba units average $1,300-$1,350/month
- Situated steps from multiple CTA bus stops and 0.70 miles from the Rogers Park UP-N Metra Station