Essex Realty Group, LLC has been exclusively engaged to market for sale 3818-20 W. Schubert, a Value-Add 6-unit corner apartment building with an additional garden unit located in Chicago’s Logan Square neighborhood.
The building sits on a wide lot, approximately 32′ x 125′, and features three (3) large 2 Bed/1 Baths, three (3) large 1 Bed/1 Baths, and a 2 Bed/1 Bath non-conforming garden unit. Unit finishes feature hardwood floors, granite or laminate countertops, stainless or black/white appliances, dishwashers, boiler heat and common laundry in the basement. The property also includes a two (2) car garage.
The large unit layouts present an opportunity for a value-add investor to convert the existing 1 Bedroom units into 2 Beds and to consider converting the existing 2 Bedroom units into 3 Beds. The Logan Square Submarket has experienced tremendous rent growth in the past decade and renovated units have rented recently for almost 35% more than current rent. A new investor may also appreciate the new 400-amp electrical service, the tear-off roof that was completed in 2020, and the existing plumbing, which is mostly copper.
The Subject Property is located on the southeast corner of Schubert and Avers Ave, just across the street from Kosciuszko Park – a beautiful park that was recently renovated and is among the original parks of the Northwest Park district. It’s also approximately .5 miles from both the Logan Square Blue Line CTA Stations and the heart of Logan Square’s entertainment districts surrounding the boulevard.
Logan Square, located approximately three miles northwest of Chicago’s central business district, is a multi-cultural community of art organizations, music venues, local businesses, and an abundance of restaurants and cocktail bars.
Among other things, the area is known for its historical and handsome solid greystone two- and three- flats, and single-family homes that line Logan, Kedzie and Humboldt Boulevards, and Logan and Palmer Squares. The majority of which were constructed by German and Scandinavian immigrants in the late 1800s. After the Great Chicago Fire of 1871, the neighborhood’s population began rapidly expanding; and, by 1889, the entirety of Logan Square had been annexed by the City of Chicago & the CTA’s L line shortly thereafter.
Today, the area continues to see expansion year after year. A booming growth in population has allowed for new residential and retail developments to pop up over the last several years. Residents can often be found enjoying the Chicago weather on the 2.5 mile stretch of boulevards that expand across the neighborhood.
- Prime Value-Add Corner Apartment Building with Oversized Apartments on Large Lot
- Easy 1 Bedroom to 2 Bedroom Apartment Conversions, Substantial Upside in Rent
- Updated Electric Service, 400 Amps
- Roof Tear-Off 2020
- Across the Street from Kosciuszko Park