Essex Realty Group, Inc. has been exclusively engaged to market for sale 4635-4637 N. Winthrop Ave. (“the Property”), a center entrance six-flat located in Chicago’s vibrant Uptown neighborhood. The Property is conveniently located 0.12 miles north of the newly updated Wilson CTA Red Line station, 0.18 miles south of the Lawrence CTA Red & Purple Line Station, and 0.68 miles west of Lake Michigan.
4635-4637 N. Winthrop Ave. is comprised of six (6) 2Bd/1Ba units, a 5-car parking pad, updated 200-amp electric service, a Kewanee boiler, copper plumbing, a new tear-off roof, and coin-operated laundry. The building also boasts newly decorated hallways and an updated front vestibule. All units feature hardwood floors, vintage details, and varying levels of kitchen and bath finishes.
The Property presents investors with multiple value-add strategies. Of the six units, three were updated between 2020-2021 with high-end stainless steel appliances, white shaker-style cabinetry, quartz countertops, modern bathroom vanities, and new drywall. These units are rented between $1,600-$1,775/month. Units 1S and 3N were updated over 10 years ago and are rented between $1,400-$1,650/month. Unit 3S has carpet flooring, vintage finishes throughout, and is leased for $1,100/month on a month-to-month lease. A new owner has a proven strategy for renovating these remaining two units and raising rents to capture significant rental upside. There is also potential for an investor to duplex-down or add accessory dwelling units (ADU) in the basement per the recently approved ADU Ordinance.
- Center entrance six-flat comprised of all 2Bd/1Ba units and a new 5-car parking pad
- Building has updated 200-amp electric service, copper plumbing, boiler, shared laundry and a new tear-off roof installed in 2008
- 3 units were updated in 2020 with new S/S appliances, white shaker cabinets, quartz countertops, and modern baths
- 2 units were updated over 10 years ago with maple and one unit features vintage finishes throughout
- Current rents average $1,537/month, while nearby renovated units are renting between $1,700-$1,900/month
- Potential to duplex-down or add an accessory dwelling unit in the basement per ordinance 02020-2850
- Quickly appreciation location in proximity to multiple new Class A multi-family and mixed-use developments