Essex Realty Group, LLC is pleased to exclusively market for sale 3745 W. Argyle St., a 22-unit apartment building located at the corner of W. Argyle St. & N. Ridgeway Ave., in Chicago’s desirable Albany Park neighborhood.
The property underwent a comprehensive $2 million renovation in 2009 and features an ideal unit mix of one-bedroom, two-bedroom/two-bathroom, and spacious three-bedroom duplex apartments with either two or two-and-a-half baths. Units range from approximately 800 to 1,720 square feet, offering thoughtfully designed floorplans that maximize living space.
All apartments are appointed with hardwood floors and upgraded kitchens featuring custom cabinetry, stainless steel appliances, granite countertops, microwaves, and dishwashers. Each unit also includes in-unit laundry and individual HVAC systems. While every apartment benefits from abundant natural light, several units also include sunrooms, perfect for use as office or dining areas.
Renovation upgrades also include: new double-hung vinyl windows, copper plumbing throughout, 1200 AMP main electrical service with individual panels, tuckpointing, Lochinvar hot water boiler, rear porches, and numerous additional improvements.
This offering presents a rare opportunity to acquire a meticulously maintained asset with strong rental demand and excellent future growth potential. Under current management, revenue has increased by nearly 60% over the past seven years, with a projected additional 10% upside achievable by aligning current rents with market rates.
The subject property is ideally situated in the heart of Albany Park on Chicago’s North Side, a well-defined community approximately eight miles from downtown. Nestled on a quiet, tree-lined street, the property is surrounded by low-density residential housing, with retail shopping just minutes away.
Located two blocks from Lawrence Avenue, residents enjoy easy access to Walgreens, Lawrence Fish Market, Rojo Gusano, and Dokil Bakery. The property is also adjacent to North Park, a growing destination for families and young professionals. Northside College Prep, Illinois’ top-ranked high school, is just an eight-minute drive away. Albany Park is home to Northeastern and North Park Universities, making it a convenient residence for students and faculty.
The property benefits from excellent transit access, with the CTA Brown Line’s Kimball station just a half-mile away, providing easy connectivity throughout the city. Multiple bus routes, including the #81, #92, #78, #82, and #80, further enhance transportation options. Additionally, the property is in close proximity to I-90/94 and the Jefferson Park Transit Center, offering access to the Blue Line CTA, Metra, and Pace services, making it an ideal location for commuters.
- Fully Renovated 22-Unit Walkup Building
- Exceptional Unit Mix Featuring Spacious Floorplans
- Combination of 1-Bed, 2-Bed/2 Bath, and 3-Bed/2 Bath Duplex Apartments
- Impeccably Maintained with/ High-End Unit Finishes Throughout
- Individual HVAC Units
- Consistent Rent Growth 15% +
- Offered at An Attractive 6.5% Cap Rate