ON MARKET – MULTI-FAMILY
6565 N. Lakewood Ave. Chicago, IL 60626
PRICE
$7,250,000
NUMBER OF UNITS
40
CAP RATE
5.01%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 6565 N. Lakewood Ave. in Chicago, Illinois. The subject property is a forty (40) unit vintage, courtyard apartment building in the heart of the Loyola submarket in the Rogers Park neighborhood.

An investor has the extremely rare opportunity to acquire a large multifamily asset in an area of Chicago that has seen tremendous growth and development. A new buyer can capitalize by operating the building as-is or upgrading the units to increase the rents to market level.

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.

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
  • Desirable Vintage Courtyard Apartment Asset
  • Located Near Loyola University Campus
  • Two Minute Walking Distance to CTA Red Line
  • Massive Apartment Layouts
  • Opportunity to Renovate and Increase Rents by 50%+
  • Newer Boiler and Hot Water Tanks
  • Newer Windows and Porches
LISTING BROKERS
Steven Livaditis
Principal
773.305.4840
Joe Scheck, CFA
Director
773.305.4842