Essex Realty Group, LLC has been exclusively engaged to market for sale, 3216 West Olive Avenue, a 13-unit multifamily building located in Chicago’s North Park neighborhood. This beautiful “L” shaped yellow brick building was substantially renovated in 2019 and offers an ideal mix of renovated one and two bedroom apartments.
SUBSTANTIAL RENOVATION COMPLETED IN 2019
The building underwent a large scale renovation completed in 2019 including new electric and plumbing throughout the building plus individual HVAC and in unit laundry in the rear apartments (tiers C & D). All apartments feature modern finishes including hardwood floors, stainless steel appliances, quartz countertops with waterfall kitchen islands, and marble-tiled bathrooms. Current rents across the property average just $1,800 per month.
VALUE ADD OPPORTUNITY
An opportunity exists for an investor to further enhance the front A & B Tiers through the addition of laundry and individual HVAC. Also, an additional unit may be added in the front basement space through the ADU program. These improvements provide a clear path to enhance the remaining units and create potential for rent growth.
ESTABLISHED NORTH PARK LOCATION
North Park is a quiet, tree-lined neighborhood known for its community feel, residential character, and conveniently located near North Park University and Northeastern Illinois University. Residents benefit from convenient access to public transportation options. The neighborhood also offers ample green space and recreational opportunities, along with a variety of popular local restaurants and bars.
North Park, located about 10 miles northwest of downtown Chicago, is a quiet, tree-lined neighborhood that blends academic influence with suburban calm. Known for its strong community feel and cultural diversity, the area features a mix of mid-century homes, walkable green spaces like Gompers Park and the North Park Village Nature Center, and proximity to major educational institutions such as North Park University and Northeastern Illinois University. With Foster Avenue and Pulaski Road providing solid east-west and north-south access, the neighborhood offers urban convenience while maintaining a distinctly residential atmosphere.
While the area has limited direct CTA train service, it is well-served by multiple bus routes and is not far from the Edens Expressway. North Park stands out for its access to nature, educational hubs, and steady local commerce. Its well-maintained infrastructure, cultural richness, and long-standing institutions contribute to its appeal as a stable and promising area for long-term growth and investment.
- Beautiful 13 Unit L-Shaped Building in Chicago's Established North Park Neighborhood
- Substantially Renovated in 2019 Including New Kitchens & Bathrooms, Electric, Copper Plumbing, Porches
- Current Cap Rate is 6.65% with Clear Value-Add Path of Adding Laundry & Individual HVAC to Front Tiers
- Additional Upside Through Potential ADU Conversion of Front Basement
- Ideally Located Nearby Several Public Transportation Options & Major Educational Institutions