ON MARKET – MULTI-FAMILY
1446-52 W. Thorndale Ave. Chicago, IL 60660
NEIGHBORHOOD
Edgewater
PRICE
$5,750,000
NUMBER OF UNITS
26
CAP RATE
4.98%
PROPERTY LISTED

Essex Realty Group, Inc is proud to exclusively market for sale 1446-52 W. Thorndale Ave. The subject property is a 26-unit condominium building located adjacent to the intersection of Greenview Ave. and Thorndale Ave. in the Edgewater neighborhood of Chicago. Essex has been engaged to represent the 1446-52 W. Thorndale association in the marketing of all the condominium units Per Section 15 of the Illinois Condominium Act.

The subject property is a four-story brick, courtyard style building that was originally constructed in 1926 and converted to condominiums in 2006. The unit mix consists of two (2) one-bedroom garden units, twelve (12) one-bedroom units, six (6) one-bedroom plus den units, & six (6) two-bedroom units. All of the units have been updated with immaculate condo quality finishes including granite countertops, quality cabinetry, stainless steel appliances, dishwashers, individual HVAC, and individual hot water boilers. The layouts are extremely spacious with hardwood floors throughout the living areas.

This is a rare opportunity to acquire a meticulously maintained courtyard building in a solid rental pocket of Chicago. The current rents are averaging roughly 10% below market for all layout types. Tenants are attracted to this Lakefront community due to its close proximity to Andersonville, community parks, public transit, and its easy access to Lake Shore Drive. In addition, the new Ravenswood Metra stop has just been approved and will allow local residents a fast and simple commute to downtown Chicago and the northern suburbs.

LOCATION DETAILS

The subject property is located within the Magnolia Glen pocket of the Edgewater neighborhood on Chicago's North-Side. The lakefront neighborhood of Edgewater is located approximately seven miles north of the Loop and is one of Chicago’s 77 major community areas. Bounded by the Rogers Park community to the north, Uptown to the south, Lincoln Square to the west, and Lake Michigan to the east, Edgewater is home to several beaches and waterfront parks and the vibrant Bryn Mawr Historic District.

1446-52 W. Thorndale Ave. is steps from many retailers and restaurants along Clark St. and Ridge Ave. Residents are within walking distance to Starbucks, B & W Gym, Mamina Kuhinja, & Uni-Mart One Stop Shopping. Additionally, the subject property is situated directly across the street from Nicholas Senn High School. Senn High School also houses the public but administratively separate, Hyman Rickover Naval Academy.

Loyola University’s Lake Shore Campus is located in the heart of Edgewater 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.

Edgewater is home to a diverse population. The unique commercial district of Andersonville offers Edgewater citizens with a variety of independent, locally-owned specialty shops, restaurants, and service providers. The uniqueness of this district was recently recognized by the National Register of Historic Places in 2010 and is now officially titled the Andersonville Commercial Historic District. This newly recognized district is also well-known for its antique shops as the Edgewater Antique Mall, Broadway Antique Market, and Brownstone Antiques all call the Edgewater area their home.

HIGHLIGHTS
  • 26 Unit Condo Deconversion
  • Magnolia Glen Pocket of Edgewater
  • Courtyard Building
  • Spacious 1 & 2 Bedroom Layouts
  • Completely Gut Renovated in 2006
  • Phenomenal Rental Market
  • Walking Distance to New Peterson/Ravenswood Metra Station
LISTING BROKERS
Steven Livaditis
Principal
773.305.4840
Jacob Goldstein
Associate
773.305.4896