Essex Realty Group, LLC has been exclusively engaged to market for sale 2530 N. Orchard St., a 7-unit apartment building located in Chicago’s highly desirable and rarely available Lincoln Park neighborhood. This remarkable property offers oversized units filled with natural light and high-end finishes. The assumable loan accompanying this property presents buyers with an exceptional financing opportunity, offering the potential for above-average cash returns at significantly below-market interest rates. Along with 2525 N. Orchard St., this is an incredible chance to secure two prime pieces of Lincoln Park real estate.
RENOVATION IN 2020
The property underwent a significant gut rehab in 2020. The renovations added modern finishes to all units, including stainless steel appliances, quartz countertops, hardwood floors, in-unit laundry, individual hot water heaters, and HVAC systems. The building’s mechanicals were upgraded with new electrical wiring, plumbing systems, and additional enhancements.
SPACIOUS APARTMENTS
The building is comprised of all three-bedroom apartments. Open layouts bring in natural light, providing tenants with luxurious living spaces.
LOCATION
2530 N. Orchard St. is located in the heart of Lincoln Park, adjacent to DePaul University, and less than 0.5 miles from the Fullerton CTA Train Station (Red, Brown, and Purple lines) and 0.8 miles from Lake Michigan. The property is within walking distance of Diversey Parkway and Halsted Street’s commercial areas and 1.5 miles from Wrigley Field, offering tenants easy access to Cubs games and Wrigleyville nightlife.
ASSUMABLE DEBT AVAILABLE
This property includes an assumable interest-only loan with the following terms:
Current Balance: $4,150,000
Interest Rate: 4.05% fixed
Maturity Date: June 6, 2031
ADDITIONAL PROPERTY FOR SALE
The seller is also offering 2525 N. Orchard St., located just steps away, presenting investors with the opportunity to acquire two turn-key assets in a prime neighborhood.
Chicago’s Lincoln Park neighborhood is one of the best known and most historically significant areas in the city. Located 3.15 miles north of the Loop with Lake Michigan to the east and the Chicago River to the west, Lincoln Park has experienced significant growth over the last few decades. Its proximity to the City’s central business district combined with convenient access to public transportation and lakefront has led to substantial residential and retail growth, transforming the community into one of Chicago’s most desired areas in which to live.
Lincoln Park boasts several attractions including the Lincoln Park Zoo, the Chicago History Museum, and most notably, Lincoln Park, Chicago’s largest public park. Magnificent architecture, charming boutiques, and a vibrant restaurant and bar scene appeal to residents, students and tourists alike. DePaul University is located in the heart of Lincoln Park and boasts a population of over 25,000 students. The university’s presence coupled with Lincoln Park’s appeal to younger residents creates substantial demand for rental housing in the area.
- Building Significantly Renovated in 2020 Including Wiring, Plumbing & More
- Seven Units in Prime Lincoln Park Location Consisting of Desirable 3-Bed Layouts
- Apartments Feature Hardwood Floors, Stainless Steel Appliances, Quartz Counters, Individual HVAC & In-Unit Laundry
- Close Proximity to Fullerton "L" Station, DePaul University & Beautiful Lake Michigan
- Walking Distance to Diversey Parkway & Halsted Street's Commercial Areas
- Attractive Assumable Debt Available; Please Inquire with Your Essex Broker