Essex Realty Group, Inc is pleased to announce the sale of 4407-4415 N. Greenview Ave., a 45-unit courtyard property in the Ravenswood neighborhood of Chicago. The property has been under the same ownership for over 30 years and has been meticulously maintained during its tenure. The unit mix is comprised of studio, one- and two-bedroom floorplans. The immaculately maintained property has received extensive capital improvements that include a new partial roof layer, new concrete walkways, and tuckpointing. The property presented an opportunity for an investor to further improve the property by modernizing the kitchens and baths, adding in-unit laundry, and converting the large 1-bed units into 2-bed units. Within just nine days of Essex launching an extensive marketing campaign, the property sold within 99% of the list price to a repeat Chicago-based client.
The subject property is conveniently located in the beloved Ravenswood neighborhood of Chicago. Ravenswood has seen real estate values skyrocket in the past decade, making it one of the highest valued markets in the city of Chicago. Ravenswood is well known for its quiet tree-lined streets, spacious lawns, and beautiful residential architecture. Many of the homes that were built in the early 1900’s are still around today. These neighborhood properties stand side-by-side with rehabbed single-family homes, new construction single-family homes, and new construction condominiums.
Ravenswood residents enjoy a variety of shops and restaurants, from trendy boutiques to family-owned eateries. Ravenswood Avenue has a number of vintage buildings that were used as machine shops or other forms of industrial businesses throughout the 1900’s. Some are still being used for industrial business purposes, but many have been converted into offices, lofts, and artist spaces. Many art studios, restaurants, and antique shops have been spotted along this unique street
- Essex’s Extensive Marketing Campaign Led to an Executed Purchase Contract in just 9 Days
- Sold Within 99% of the List Price
- Highest Price Per Unit for a Non-Renovated Building within this Submarket
- 45-Unit Courtyard Apartment Building in Desirable Ravenswood Location
- Attractive Unit Mix Featuring Studios, One-Bedroom and Two-Bedroom Apartments
- Opportunity To Convert Eighteen (18) One-Bedrooms into Two-Bedroom Apartments