Essex Realty Group, LLC has been exclusively engaged to market for sale 4742-4748 S. Drexel Blvd., a stately 43-unit courtyard building ideally situated along the historic Boulevard in the highly sought-after Kenwood neighborhood, surrounded by lush green space and single-family homes valued well in excess of $1,000,000.
The well-maintained property has been under the same ownership for 26 years. Its unit mix consists of (12) Studios, (30) One-Bedrooms and (1) One-Bedroom Garden apartment. More than 40% of the units have been renovated over time, and the property has benefited from numerous capital improvements, including replacement of all hot water lines with copper piping and the installation of a new, high-efficiency boiler in April 2026.
The property maintains a long-term tenant base, with nearly half of the units occupied by tenants who have lived at the property for three (3) or more years. Accordingly, apartment rents remain materially below market. For example, the property’s One-Bedroom units currently average $1,256 per month, while comparable units in the immediate area are achieving rents of $1,450 or more. The opportunity to increase Studio and One-Bedroom rents to current market levels could translate to approximately $90,000 in additional annual income.
Class-9 Tax Designation
The property is designated Class 9 under the Cook County Property Tax Incentive Program, providing significant real estate tax savings and reduced exposure to future tax fluctuations. Combined with its premier Kenwood location, long-term ownership history, significant capital improvements, and favorable tax treatment, 4742–4748 S. Drexel Blvd. presents investors with a rare opportunity to acquire a well-maintained asset with stable in-place income and meaningful rental upside.
Note: Essex Realty Group, LLC is not a tax professional. All interested parties are encouraged to consult with their own tax advisors regarding the Property’s tax designation, applicable tax programs, and potential tax benefits.
Located along Chicago’s lakefront just south of Downtown, Kenwood is one of the city’s most desirable and supply-constrained neighborhoods, known for its historic architecture, tree-lined streets, and strong rental demand. The neighborhood offers a unique mix of vintage apartment buildings, stately homes, and a quiet residential atmosphere while remaining just minutes from Hyde Park.
Residents enjoy convenient access to the University of Chicago, the Museum of Science and Industry, Lake Michigan, neighborhood parks, restaurants, and retail amenities. Excellent connectivity via Lake Shore Drive, the Metra Electric Line, CTA bus routes, and nearby CTA rail service provides easy access to Downtown Chicago and surrounding neighborhoods.
With its premier location, historic character, and proximity to major employers and educational institutions, Kenwood remains one of Chicago’s most attractive neighborhoods for both residents and multifamily investors.
- Premier Kenwood location
- Same Ownership for 26 Years
- Well-Maintained & Many Capital Improvements
- Reduced Class-9 Taxes
- Long-Term Tenant Base
- Materially Below Market Rents