ON MARKET – MULTI-FAMILY
1300 W. Hood Ave. Chicago, IL 60660
PRICE
$2,975,000
NUMBER OF UNITS
12
CAP RATE
4.93%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 1300 W. Hood Ave., a 12-unit corner apartment building located in the highly sought after Edgewater Glen neighborhood of Chicago. The subject property consists of three (3) 1 Bd/1 Ba units, six (6) 2 Bd/1 Ba units and three (3) 3 Bd/1 Ba units situated on a double-wide, corner lot with two (2) surface parking spaces. The property has been under the same ownership for 20+ years, providing investors with the opportunity to acquire a rarely available asset, in an excellent location, with significant upside.

The property has been meticulously maintained and has had extensive capital improvements over the years that include a new boiler, electrical system, roof, parapet walls, windows, lintels and installation of in-unit laundry in eleven of twelve apartments (see Building Fact Sheet on pg.8 for more detail). Additionally, 1300 W. Hood Ave. presents owners with numerous investment strategies. A new owner can increase the rents as-is and increase rents over time. For example, nearby comparable units are renting approximately 10-20% higher than the subject property. Alternatively, investors may elect to update the units with modern finishes to achieve market rates of approximately 20-30% higher than rents at the subject property. Lastly, Investors may also seek to take advantage of Chicago’s new ADU Pilot Program by adding additional apartment units in the basements.

Situated just steps from the Granville CTA Red Line Station, the subject property is situated in a prime location and is steps from an abundance of restaurant and retail options along Granville Avenue and Broadway. The location also provides access to desirable Edgewater parks, beach fronts and Loyola University's Lake Shore Campus. In the last several years, the neighborhood has benefited from significant investment and seen an influx of new developments.

LOCATION DETAILS

The subject property is located within the Edgewater Glen pocket of the Edgewater neighborhood on the Noth-Side of Chicago. The lakefront neighborhood of Edgewater is located approximately seven miles north of the Loop and is 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. Additionally, Loyola University’s Lake Shore Campus is located on the north boundary of Edgewater Glen and is home to over 16,000 students and 1,000 faculty members. 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.

1300 W. Hood Ave. is steps from many retail and restaurant options along Broadway. Additionally, residents are within walking distance to the Granville CTA Red Line, Whole Foods Market and Loyola University's Lake Shore Campus.

HIGHLIGHTS
  • Rare Value-Add Property in Low Density Edgewater Glen Location
  • Meticulously Maintained with Over $600k+ in Recent Capital Improvements
  • Significant Rental Upside through Cosmetic Rehab
  • Attractive Unit Mix of Large 1-Bed, 2-Bed and 3-Bed Apartments with Potential to Add Bedrooms
  • In-Unit Laundry in 11/12 Units
  • Walking Distance to Granville CTA Red Line and On-Site Parking
  • Potential to Convert Basement Space into Additional Units Under Chicago’s New ADU Pilot Program
LISTING BROKERS
Matt Feo
Director
224.305.4102
Doug Fisher
Principal
773.305.4910