Essex Realty Group, Inc. is exclusively engaged to market for sale 2735 N. Magnolia Ave. (“the Property”), a four-flat and two-unit coach house located in Lincoln Park. The Property is situated steps from multiple CTA bus stops, 0.4 miles from the Diversey Brown Line Station, and walking distance to multiple commercial corridors filled with bars, coffee shops, and popular restaurants including Beermiscuous, Batter & Berries, Gotham Bagels, Left Coast, Starbucks, and more.
The Property is comprised of three (3) 3Bd/1Ba apartments, one (1) 1.5Bd/1Ba coach house unit, one (1) 1Bd/1Ba coach house unit, and a non-conforming garden studio. Interior finishes vary by unit, typically consisting of vintage built-ins, hardwood flooring, white or stainless steel appliances, laminate or granite countertops, ceiling fans, spacious bedrooms with closets, and common laundry in the basement. The non-conforming garden unit finishes include tile and carpet flooring, white kitchen appliances and cabinetry, and laminate countertops.
The Property presents investors with a variety of value-add opportunities. There is potential for a new owner to bring rents to market or renovate the building to capture substantial rental upside. 3Bd/1Ba apartments in the building average $1,902/month, while comparable, nearby units rent for more than $2,250/month. Furthermore, renovated 3Bd/1Ba units rent for more than $2,400/month.
- Four-flat and two-unit coach house in highly desirable Lincoln Park location
- Substantial as-is rental upside and multiple value-add opportunities
- Current 3Bd/1Ba rents avg. $1,855/month; Comparable, nearby 3Bd rents avg. $2,250/month; Renovated 3Bds avg. $2,400/month
- Current GRM & Cap Rate: 10.80 & 5.61% / Market GRM & Cap Rate: 9.16 & 6.98%
- Steps from multiple CTA bus stops and 0.4 miles from the Diversey Brown Line Station
- One block from vibrant commercial corridors on Diversey and Lincoln Avenues