Essex Realty Group, LLC has been exclusively engaged to market for sale 3858 N. Hermitage Ave., a 5-unit apartment building located on the corner of Hermitage Avenue and Byron Street in Chicago’s West Lakeview neighborhood. The Property consists of one 1-bedroom/1-bathroom apartment, two 2-bedroom/1-bathroom apartments, one 2-bedroom/1-bathroom apartment with a den, and one 3-bedroom/1.5-bathroom apartment.

In 1997, the previous owner began converting two units into an owner’s unit, but never completed the work. As a result, the building department reflects a conversion from a 5-unit to a 4-unit building. The non-conforming unit is the top-floor 2-bedroom/1-bathroom unit, which features a private deck and two forms of egress.

Apartments feature hardwood floors, updated kitchens with various finishes, individual gas forced-air heating, and central air conditioning in select units. The building has shared laundry facilities in the basement and has been well-maintained with recent capital improvements, including new individual water heaters (2022) and updated electrical service (2012).

Current rents average $2,300 per month, while comparable 2-bedroom apartments in the immediate submarket are achieving rents of $2,600 to $3,000 per month—representing approximately 18% upside to market.

A new owner could complete the renovation to duplex the top-floor and second-floor units into an owner’s unit. Alternatively, a new owner could take advantage of the ADU ordinance to legalize the top-floor unit.

3858 N. Hermitage Ave. is ideally located in the northern section of West Lakeview, just one block south of Irving Park Road and half a block west of the Ravenswood Metra line. The Property is in convenient proximity to CTA Brown Line service, Wrigleyville dining and entertainment, and the shops and restaurants along Lincoln Avenue.

Seller makes no representations or warranties regarding the legal conforming status of the fifth unit. Seller is a licensed real estate broker.

Lakeview is one of Chicago’s premier rental markets, home to over 100,000 residents with a median age of 32 and median household income exceeding $100,000. Over 62% of households are renter-occupied, and 50% of residents hold a bachelor’s degree or higher, supporting strong demand for quality rental housing. The neighborhood is anchored by major healthcare institutions, including Advocate Illinois Masonic Medical Center — a 551-bed Level I Trauma Center — and Ascension Saint Joseph Hospital, employing thousands of medical professionals who contribute to the area’s highly educated, high-earning renter base. The CTA recently completed Phase One of the Red and Purple Modernization project, a generational infrastructure upgrade that further reinforces the area’s transit connectivity and long-term desirability. Home to Wrigley Field and thriving retail corridors along Lincoln, Southport, and Clark, Lakeview offers an unmatched combination of walkability, dining, entertainment, and transit access that continues to drive rental demand across the submarket.

• (1) 1BD/1BA, (2) 2BD/1BA, (1) 2BD/1BA+Den, (1) 3BD/1.5BA
• Current rents are approximately 18% below market, offering immediate upside for a new owner
• Units feature updated kitchens, forced-air heating, and select units have A/C; three units have private decks