ON MARKET – MULTI-FAMILY
1858 N. Kedzie Ave. Chicago, IL 60647
NEIGHBORHOOD
Logan Square
PRICE
$2,250,000
NUMBER OF UNITS
13
CAP RATE
5.12%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 1858 N. Kedzie Ave. ("the Property") located in the heart of Chicago’s Logan Square neighborhood. The Property consists of thirteen (13) apartments comprised of nine (9) one-bedroom, three (3) two-bedroom, and one (1) two-bedroom garden units.

1858 N. Kedzie Ave., 2801 N. Central Park Ave., and 5201 W. Schubert Ave. are listed separately but are owned by the same controlling entity and may be purchased together, providing for greater scale in Logan Square and Belmont Cragin.

LOCATION DETAILS

INVESTMENT STRATEGIES
- Stabilize Building & Bring Current Rents to Market: As the enclosed rental survey indicates, the current rents are approximately $100-$200 per unit per month below market on average. For example, the 1Bd/1Ba units average $1,033 per month; nearby comparables are achieving on average $150 per month higher. By bringing The Property to market rents, a potential investor could increase collected income by approximately $13,545 annually.

- Renovate: A new owner could choose to fully renovate The Property. This might include removing the boiler and adding central HVAC, new electric service, re-finishing the hardwood floors, adding washer/dryer in-unit, and updating the kitchens and baths. Nearby 1Bd/1Ba apartments with these finishes achieve rents of $1,400 per month, $350 above current rent levels. In total, this would result in $39,660 in additional annual income.

HIGHLIGHTS
  • Highly desirable Logan Square location.
  • True value-add opportunity with significant rental upside.
  • Unit mix: (9) 1Bd/1Ba, (4) 2Bd/1Ba
  • Renovated Cap Rate: 5.37% | Renovated GRM: 11.94 | Price Per Unit: $173,077
LISTING BROKERS
Doug Imber
President
773.305.4902
Kate Varde
Principal
773.305.4908
Clay Maxfield
Director
773.305.4852