ON MARKET – MULTI-FAMILY
2151-55 W. Arthur Ave. Chicago, IL 60645
PRICE
$1,475,000
NUMBER OF UNITS
11
CAP RATE
6.09%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively retained to market for sale 2151-55 W. Arthur Ave. in Chicago, Illinois. The subject property is a 11-unit brick, walk-up building near the intersection of Arthur Ave. and Leavitt St. in the West Rogers Park neighborhood of Chicago.

The unit mix consists of Eight (8) 1 Bed / 1 Bath layouts and three (3) 2 Bed / 1 Bath layouts accompanied by eight (8) exterior parking spaces. Most of the units have received moderate updates throughout the years and the finishes slightly vary by unit. Three of the eleven apartments feature updated kitchens. Some updates may include white appliances, laminate countertops, and wood cabinetry. Baseboard heat is provided to the units by a central boiler and is owner paid. Domestic hot water is provided by one hot water boiler and all of the apartments have air conditioners. Lastly, electricity is separately metered with in-unit circuit breakers and is tenant paid.

The current rents are approximately 6% below market. A new investor has the opportunity to capitalize on the upside by slightly updating the kitchens and bathrooms in addition to charging for parking. At the list price, the property is being offered at Cap Rate in excess of 6% with long-term potential growth in an active rental market.

LOCATION DETAILS

West Rogers Park is bounded by Evanston/Lincolnwood on the north, Bryn Mawr to the south, Kedzie Avenue on the west, and Ridge Boulevard to the east. This pocket is well known for its low-housing density and diverse culture.

The subject property is located in West Rogers Park, boasting a population of just over 60,000 people. 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 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
  • 11 Unit Multi-Family Property
  • 1 & 2 Bedroom Layouts
  • 8 Parking Spaces
  • Great Rental Market
  • 6%+ CAP on Current Operations
  • Strong Potential to Increase Revenue by Slightly Updating the Kitchens & Bathrooms
LISTING BROKERS
Jacob Goldstein
Associate
773.305.4896
Steven Livaditis
Principal
773.305.4840