Essex Realty Group, Inc. is pleased to announce the sale of 2842-2844 W. Fletcher St., a thirteen-unit building in the Avondale neighborhood of Chicago.

2842-2844 W. Fletcher St. is comprised of one (1) one bed/one-bath garden unit, nine (9) one bed/one-bath units, and three (3) two bed/one-bath units. The apartments are predominantly equipped with a mix of stainless steel and white appliances, hardwood floors, laminate or granite countertops, dishwashers, electric baseboard heat, and shared laundry. First-floor apartments feature individual HVAC, and select units have modern finishes throughout with in-unit laundry.

Investors have the opportunity to improve the property by modernizing common areas, making cosmetic updates to unit interiors, and adding in-unit laundry in the remaining apartments. In addition, several units are rented to long-term tenants for significantly below-market rents. A new owner has the opportunity to bring these rents to market without making material upgrades.

The property is conveniently located 0.8 miles from the Belmont CTA Blue Line and 0.5 miles from the Kennedy Expressway via Belmont Ave., providing tenants with easy access throughout Chicago. In addition, neighborhood residents enjoy a variety of bar and restaurant options, boutiques, and parks.

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• Several units are rented to long-term tenants for significantly below-market rents
• Opportunity to improve the property by modernizing common areas, making cosmetic updates to unit interiors, and adding in-unit laundry in the remaining apartments
• Market GRM: 10.13
• Market CAP Rate: 5.71%