Essex Realty Group, Inc. is proud to announce the sale of 2740-44 W. Granville Ave, a 10-unit corner walk-up building in Chicago’s West Rogers Park neighborhood. Within the first 30 days of marketing, Essex procured over 20 property tours which resulted in multiple offers to purchase. The property ultimately sold at the list price and closed within 60 days.
Essex Realty Group, Inc. has been exclusively engaged to market for sale 2740-44 W. Granville Ave. in Chicago, Illinois. The subject property is a 10-unit brick, corner walk-up building at the intersection of Granville and Fairfield in the West Rogers Park neighborhood of Chicago.
The unit mix consists of ten (10) 2 Bed / 1 Bath layouts and two (2) in-law 1 Bed / 1 Bath layouts which have the potential to provide additional income (Essex Realty Group has not verified the legal conformity of these units). Most of the units have received modern updates throughout the years and the finishes slightly vary by unit. Some updates may include granite countertops, quality cabinetry, stainless steel appliances, dishwashers, and in-unit laundry. While other units feature laminate countertops and standard appliances. All of the units have individual gas forced furnaces that are separately metered. Electricity is also separately metered; therefore, these utilities are tenant paid.
This is a true turn key investment opportunity with significant upside. The current rents are averaging approximately 15% below market. Furthermore, the property is being offered for sale with a current CAP rate exceeding 7%. An investor has the opportunity to acquire a 10-unit property with dramatic rental upside in one of Chicago’s most active markets.
West Rogers Park is bounded by Evanston/Lincolnwood on the north, Bryn Mawr to the south, Kedzie Avenue on the west, and Ridge Boulevard to the east. This pocket is well known for its low-housing density and diverse culture.
The subject property is located in West Rogers Park, boasting a population of just over 60,000 people. The neighborhood is home to over 130 restaurants and just as many diverse retail offerings along its central corridors and quaint, tree-lined streets. In the last few years, the community has seen significant appreciation in multi-family properties sparked by a rising population of young business professionals and families moving to the area to take advantage of the neighborhood’s rich culture, intimate setting, and attractive housing.
Also of great impact to the Rogers Park neighborhood is the explosive growth in enrollment at Loyola University. The University’s Lake Shore Campus is home to over 16,000 students and 1,000 faculty members. Recently crowned the largest Jesuit university in the United States, Loyola University is consistently named a ‘best value’ school by U.S. News & World Report. Eighteen of Loyola University’s nineteen residence hall buildings are located in the Edgewater and Rogers Park neighborhoods, prompting established retailers and eateries to open convenient locations along the campus’ perimeter.
- 20+ Tours in Two Weeks
- Multiple Written Offers
- Competitive Bidding Process
- Closed Within 60 Days
- 10 Apartments + 2 In-Law Units (Non-Conforming)
- All 2 Bed / 1 Bath Apartments
- Value-Add Opportunity