ON MARKET – MULTI-FAMILY
1101 N. Avers Ave. Chicago, IL 60651
PRICE
$850,000
NUMBER OF UNITS
12
CAP RATE
5.7%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively retained to market for sale 1101 N. Avers Ave. in Chicago, Illinois. The subject property is a 12-unit brick, corner walk-up building located at the intersection of Avers Ave. and Thomas St. in the Humboldt Park neighborhood of Chicago. This property is located in one of Chicago's designated opportunity zones, which allows investors to take advantage of new long term tax benefits of the program.

The current unit mix consists of Twelve (12) 1 Bed / 1 Bath layouts accompanied by two-detached garages housing six (6) parking spaces. All the units feature extremely large floor plans with separate dining rooms. All the units have separate furnaces. Domestic hot water is provided by two hot water boilers. Electricity is separately metered with 400 AMP’s coming into the building. A new buyer should highly consider converting the current units into two-bedroom apartments.

*All of the kitchen appliances are tenant owned and not personal property of the building.*

An investor has the extremely rare opportunity to acquire a multi-family asset in an opportunity zone area of Chicago that has seen tremendous growth and development in recent years. A new buyer can capitalize by raising current rents to market and operating as-is or converting the current layouts to 2 Bed / 1 Bath units for a significant yield increase. This is a true value-add investment offering; the current rents are averaging at least 18% below market. The property is being marketed for sale at $70,833/unit with a proforma CAP rate exceeding 10%.

LOCATION DETAILS

In 2014, Redfin listed Humboldt Park as one of the top ten neighborhoods in the country with the median home sales price up 62% year over year. The growing attention to this neighborhood can be attributed to the steady rise in property values, development activity in the neighborhood, and surrounding areas such as Logan Square, West Town, and Wicker Park.

Humboldt Park houses a surprising array of retail, dining, and nightlife options. Popular nightlife and dining spots include Haywood Tavern, Rootstock Wine & Beer Bar, California Clipper, and Archie's.

The subject property is located just a mile and a half south from the beginning access point to the 606/Bloomingdale Trail. The 606 Trail is a 2.7-mile-long path that runs from 1801 North Ridgeway Avenue in Humboldt Park to 1722 North Ashland Avenue in Bucktown. The $95 million project was completed in May of 2015 and had received wide support from several public and private organizations. The trail has been a crucial point toward gentrification of the westside neighborhoods and will continue to spur growth and development in Humboldt Park.

Bus lines that are easily accessible to the subject property include the #70 Division bus, the #65 Grand bus, and the #53 Pulaski bus allowing residents an easy commute throughout the Chicagoland area.

HIGHLIGHTS
  • Humboldt Park Location - Designated Opportunity Zone
  • Value-Add Opportunity With Tremendous Upside
  • Currently Units are 1 Bed / 1 Bath Apartments
  • Spacious Layouts With Formal Dining Rooms
  • Easy Opportunity to Convert All Units to 2 Bed / 1 Bath Apartments
  • Current Rents are Significantly Below Market
  • All Units Have Separate Furnaces
  • Six (6) Car Garage
  • Potential to Yield a CAP Rate Exceeding 10%
LISTING BROKERS
Jacob Goldstein
Associate
773.305.4896
Steven Livaditis
Principal
773.305.4840