ON MARKET – MULTI-FAMILY
1932 W. Pratt Blvd. Chicago, IL 60626
PRICE
$1,100,000
NUMBER OF UNITS
6
CAP RATE
4.16%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 1932 W. Pratt Blvd. in Chicago, Illinois. The subject property is a 6-unit vintage, center entrance building located in the Rogers Park neighborhood of Chicago. The unit mix consists of six (6) 2 Bed / 1 Bath layouts accompanied by six (6) garage parking spaces.

1932 W. Pratt Blvd. has huge, original apartment layouts that offer an enormous amount of living space for the tenants. The units can benefit from a layout change should a new owner want to add bedrooms and/or bathrooms to the existing layouts in order to increase the potential income the property can produce. Another value-add component is for a new investor to add additional garden units in the basement, as the zoning may allow for this. The property sits on an extremely large lot and offers tremendous potential for outdoor tenant amenities.

An investor has the extremely rare opportunity to acquire a multi-family asset in an area of Chicago that has seen tremendous growth and development. A new buyer can capitalize by operating the building as-is and bring the current rents to market, potentially adding garden units, or upgrading the current layouts to 3 Bed / 2 Bath units.

LOCATION DETAILS

Known for its beaches, vintage apartments, cultural diversity, and Loyola University, Rogers Park is one of Chicago's most robust lakefront communities. Just ten miles North of Chicago's Central Business District, Rogers Park has convenient transportation to and from the city including four CTA "L" stops (Loyola, Morse, Jarvis, & Howard stops); one Metra Train stop at Lunt Avenue; five local bus lines; and the Howard Bus and "L" terminal which is the starting point for north suburban travel. The subject property is also located within steps from the Robert A. Black Golf Course.

Rogers Park, boasting a population of just over 60,000 people, stretches along Lake Michigan between Devon and Howard and runs west to Ridge Avenue. 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 just steps away from the subject property and 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.

HIGHLIGHTS
  • Phenomenal Rogers Park Location
  • Value-Add Opportunity With Tremendous Upside
  • Huge, Oversized Lot
  • All 2 Bed / 1 Bath Apartments
  • Massive Apartment Layouts With Formal Dining Rooms
  • Current Rents Are Below Market
  • Opportunity to Convert Layouts to 3 Bed / 2 Bath, Duplex, or Add Garden Apartments
  • Six (6) Garage Parking Spaces
  • Within Close Walking Distance to Rogers Park Metra Station
LISTING BROKERS
Steven Livaditis
Principal
773.305.4840
Jacob Goldstein
Associate
773.305.4896
Joe Scheck, CFA
Director
773.305.4842