ON MARKET – MULTI-FAMILY
2801 N. Central Park Ave. Chicago, IL 60618
NEIGHBORHOOD
Logan Square
PRICE
$2,100,000
NUMBER OF UNITS
13
CAP RATE
5.26%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 2801 N. Central Park Ave. ("the Property") located in the heart of Chicago’s Logan Square neighborhood. The Property consists of twelve (12) apartments and approximately 1,200 square feet of retail space. The apartment mix is comprised of seven (7) one-bedroom, one (1) one bedroom and one-half, and four (4) two bedroom units.

2801 Central Park Ave., 1858 N. Kedzie 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, current rents are approximately $100-$250 per unit per month below market on average. For example, the 1Bd/1Ba units average $958 per month; nearby comparables are achieving on average $150 per month higher rent per 1Bd/1Ba units. By bringing the Property to market rents, an potential investor could increase collected income by approximately $10,200 annually. Additionally, the retail tenant, Little Clown Pizza, is currently on a gross lease. A new owner could further benefit by implementing a utility reimbursement system to account for water usage, trash, and other CAM-related items.
- Renovate: A new owner could extensively renovate the Property. This might include new electric service, new plumbing, re-finishing the hardwood floors, adding washer/dryer in-unit, and updating the kitchens and baths. Nearby 1Bd/1Ba apartments with modern finishes achieve rents of $1,350 per month, $400 above current rent levels. In total, this would result in $28,200 of additional yearly income.

HIGHLIGHTS
  • True value-add opportunity with significant rental upside in the heart of Logan Square.
  • Conveniently located: 0.5 miles from the Logan Square Blue Line CTA Station and steps from multiple bus routes at Kimball, Milwaukee, and Diversey Avenues.
  • Unit mix: (8) 1Bd/1Ba, (4) 2Bd/1Ba, (1) 1,200 SF restaurant, (4) exterior parking spaces
  • Market Cap Rate: 5.26% | Market GRM: 10.92 | Price Per Unit: $161,538
LISTING BROKERS
Doug Imber
President
773.305.4902
Kate Varde
Principal
773.305.4908
Clay Maxfield
Director
773.305.4852