ON MARKET – MULTI-FAMILY
4625 S Drexel Blvd Chicago, IL 60653
NEIGHBORHOOD
Kenwood
PRICE
$4,500,000
NUMBER OF UNITS
62
CAP RATE
6.5%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 4625 S. Drexel Blvd., a 62-unit apartment building located in Chicago's Kenwood neighborhood. The unit mix consists of forty-five (45) studios, fifteen (15) 1 bedroom, and two (2) 2 bedroom garden apartments.

Typical units include hardwood floors the unit, vinyl in the kitchen and tile in the bathrooms. The hallways have brand new carpeting and new paint. The Kitchens have been updated throughout the years with white appliances and laminate or faux granite counter-tops and radiator heat. Building amenities include entry with intercom entry system, one elevator, a bike room and leased laundry through CSC with 5 washer and 5 dryers.
On the ground floor there is raw space in excess of 3,000 square feet that could be used for additional amenities such as: Resident lounges, fitness center, conference room, leasing/office space.

LOCATION DETAILS

The Kenwood neighborhood is located three miles from the Chicago’s Business District "the Loop". The University of Chicago is less than two miles away with a bus stop at 0.2 miles, Metra Stop (Kenwood) and the Green “L” train makes this neighborhood easy to navigate.
Kenwood’s boundaries are 43rd Street (Muddy Waters Dr.) to the north, Hyde Park Blvd to the south, Cottage Grove Ave to the west and the Lake Michigan to the east. Originally settled in 1850's by the early 1860's Kenwood was fast becoming a fashionable place for many of Chicago’s most prominent residents. “Kenwood is the Lake Forest of the south” stated by a publication of the time.
Kenwood experienced a renaissance in the late 1970s, as several segments of the neighborhood were designated as historic districts by the city and new residential construction began to replace vacant lots. By the late 1990s, families were moving back into the area. Like its neighbor to the south, Hyde Park, North Kenwood retains a tree-lined boulevard and grand single-family homes. Many of these beautiful 1920s homes and apartment buildings are what give this neighborhood is characteristic charm.
The proximity to Hyde Park’s University of Chicago and to downtown makes this a very attractive rental area for prospective tenants.

HIGHLIGHTS
  • Value-Add Opportunity
  • Within the OPPORTUNITY FUND ZONE
  • Elevator in Building
  • 95% Average occupancy
  • Under Market Rents
  • 3000 Sq Ft raw space for amenities and additional units
LISTING BROKER
Brian Mond
Director
773.305.4876