Essex Realty Group, Inc. is proud to present an exclusive opportunity at 2651-59 W. North Ave., situated on the vibrant border of the West Bucktown and Humboldt neighborhoods in Chicago, Illinois, nestled between multiple completed new construction projects. This prime mixed-use property comprises four adjacent buildings, totaling eleven units, nestled on a generously sized lot spanning nearly 11,000 square feet.
The buildings showcase diverse floorplans, encompassing two-bedroom, four-bedroom, SRO-style units, and five commercial spaces. Historically, the property has been fully leased, and the current rental rates are notably below the market. The apartments benefit from individual furnaces and hot water tanks, ensuring efficient provision of heat and hot water, while electricity is separately metered for each unit.
This distinctive property presents multiple investment opportunities for a savvy investor. Firstly, with existing rents positioned below market value, the potential exists for increased revenue through strategic light renovations, enhancing the appeal of the units and the caliber of tenants. Secondly, the property’s strategic location on half a city block within an area witnessing substantial new construction provides the option for comprehensive redevelopment, aligning with the evolving landscape of the neighborhood. The combination of current income potential and future development possibilities positions 2651-59 W. North Ave. as a compelling and versatile investment in the dynamic Chicago real estate market.
Humboldt Park, named after its’ historic park, is located on the City’s West Side and is a known for being a culturally rich neighborhood in Chicago. Humboldt Park benefits from being surrounded by multiple sought after Chicago neighborhoods such as Ukrainian Village, Wicker Park, Bucktown and Logan Square. Located in the heart of the Humboldt Park Community, Humboldt Park totals 197-acres and features a historic lagoon & boat house, a large field house, two gymnasiums, an inland beach, and countless playgrounds and sports fields. Humboldt Park continues to grow attention in Chicago due to the steady rise in property values, commercial and residential development, along with a strong increase in dining and entertainment options.
The property is located on the southeast corner of North Avenue and Washtenaw Avenue, and only a block to the ever-popular Humboldt Park. 2657 W. North is also conveniently located less than one mile from the Western & Damen CTA Stations, less than two miles from the Western Avenue Metra Station, and in close proximity to numerous bus stops.
- Massive 11,000 SF Property Spanning Nearly Half of a City Block (101’ x 108’)
- Four Adjacent Buildings Totaling 11 Units; 5 Apartments & 6 Commercial Spaces
- Zoned B3-2; Redevelopment Opportunity
- Great Location on North Avenue Steps to Popular Humboldt Park
- Less Than One Mile to Both the Western & Damen Blue Line CTA Stations