ON MARKET – MULTI-FAMILY
2755 West Logan Boulevard Chicago, IL 60647
NEIGHBORHOOD
Logan Square
PRICE
$7,900,000
NUMBER OF UNITS
16
CAP RATE
5.36%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 2543 North California Avenue/2755 West Logan Boulevard a 16 unit mixed use property located in the heart of Chicago’s popular Logan Square neighborhood. Situated on the southeast corner of Logan Boulevard and California Avenue, the property is comprised of two adjacent buildings. The total lot size is approx. 72 x 165 FT. The mixed-use building on the corner is anchored by Starbucks and local restaurant, Buona Terra and also features 8 apartments. The adjacent building on Logan Boulevard features 6 apartments, 2 of which are duplex units. Both Starbucks and Buona Terra have operated in these retail locations for more than 15 years. Starbucks has occupied the space since 2000 and Buona Terra since 2003.  Starbucks recently invested approximately $400,000 in capital improvement to their space.

12 of the 14 apartments were completely gut-renovated in 2018. The units feature beautiful matching quartz countertops and backsplash, custom two-tone kitchen cabinets, stainless steel appliances, Grohe fixtures, central HVAC, and hardwood floors. The remaining two units feature older renovations including maple kitchen cabinets and white appliances. A new owner has the opportunity to renovate the remaining two units and increase rent to the market rents achieved by the other renovated units in the building.

LOCATION DETAILS

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.

The property is located on the southeast corner of Logan Boulevard and California Avenue, in the heart of the Logan Square Boulevards Historic District, a beautiful tree lined linear historic district in Logan Square,part of the National Register of Historic Places and named a Chicago Landmark. The property is also conveniently located less than 1/2 mile from the California Blue Line CTA Station and in close proximity to numerous bus stops.

HIGHLIGHTS
  • 16 unit mixed-use property located in a desirable Logan Square location
  • 2 adjacent buildings - corner red brick mixed-use property plus the adjacent 6-flat on Logan Boulevard
  • Beautifully renovated apartment units commanding top of the market rents
  • Renovations complete in 2018
  • Anchored by Starbucks
  • Retail tenants in place since 2000 & 2003
  • Further opportunity to renovate the remaining two apartment units
  • Conveniently located less than 1/2 mile from the California Blue Line CTA Station
LISTING BROKERS
Jim Darrow
Principal
773.305.4920
Jordan Gottlieb
Principal
773.305.4922