Essex Realty Group, Inc. is pleased to announce the sale of 2823-27 North Central Park., an eight-unit apartment building located in the Logan Square neighborhood of Chicago. The property sits on a double-wide lot that is 50’ x 125’, which includes a two-car garage and additional green space. The property includes 8 spacious 2 Bed/1 bath apartments. The spacious apartments feature hardwood floors, updated kitchen appliances, updated bathrooms, back decks, separate gas-forced heat and shared laundry in the basement. Most of the units have been renovated to feature a variation of updated kitchens and bathrooms, in addition, two units feature laundry. An opportunity exists for an investor to improve all the units within the property by further updating the vintage kitchens and bathrooms, while also installing laundry in 6/8 apartments. This property also falls within the ADU Northwest zone, so there is also an opportunity to add at least 2 ADU units. These improvements would allow for current rents to be raised to market levels in a great neighborhood with a large consistent rental market.
Essex conducted an extensive marketing campaign resulting in more than 15 tours and five offers. The property sold to a repeat Essex client.
RICH HISTORY: Logan Square is located approx. 3 miles northwest of Chicago’s Loop. In the past few years the area has enjoyed booming growth in population and popularity with Chicago’s residents, as evidenced by the opening of a variety of new retail developments and popular new bars and restaurants. Known for its historical architecture, scenic boulevards, and expansive parks, Logan Square is regularly regarded as one of Chicago’s most sought after neighborhoods.
PRIME LOCATION: The property is located on the southeast corner of Wolfram Street and Central Park Avenue, only three blocks east of Milwaukee Avenue, a popular street overflowing with local bars and restaurants. Nearby is Logan Boulevard, a beautiful tree lined linear historic district in Logan Square that is part of the National Register of Historic Places and named a Chicago Landmark. The property is also located just over ½ mile from both the Logan Square & Belmont Blue Line CTA Stations, and in close proximity to numerous bus stops.
- 15 Property Tours; Multiple Offers
- Eight Unit Multifamily Property Off of Milwaukee Avenue
- Laundry in 2/8 units
- Located in ADU Northwest Zone
- 2 Blocks from Milwaukee Avenue
- Large Basement with Duplex or ADU Potential
- Updated Kitchens and Bathrooms In A Majority of Units.
- Press Release: https://bit.ly/3bjkLSh
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