ON MARKET – MULTI-FAMILY
2335-37 W. Superior St. Chicago, IL 60612
NEIGHBORHOOD
Ukrainian Village
PRICE
$2,899,000
NUMBER OF UNITS
14
CAP RATE
4.61%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 2335-37 W. Superior St., a rare 14-Unit center-entrance apartment building located in the highly sought after Ukrainian Village neighborhood of Chicago. The subject property consists of twelve (12) 2 Bd/1 Ba units and two (2) 1 Bd/1 Ba + den first-floor units situated on a double lot with a landscaped backyard. The property has been owned by the same family for over 30 years, providing investors with the opportunity to acquire a rarely available asset and achieve immediate scale in the neighborhood. Further, the immaculately maintained property has received extensive capital improvements over the years that include a new tear-off roof, separate (tenant-paid) gas-forced heat in every unit and central air conditioning to seven (7) of fourteen (14) units, upgraded 460 AMP electric, separate hot water tanks, concrete and tuckpointing (see Building Fact Sheet on pg. 8 for more detail).

2335-37 W. Superior St. presents a new owner with the opportunity to acquire a multi-family property with significant rental upside. Since most capital expenditures have already been done, a new owner can focus on making interior improvements to increase yield substantially. For example, two-bedroom units at the subject property currently rent for $1,182 month, while rehabbed two-bedroom units in the immediate area rent for $1,850/month or more. These increases could provide new ownership with approximately $668 of additional income per unit per month (a 57% increase).

The subject property is situated steps from a multitude of restaurants and retail options along Chicago Avenue. The location also provides accessibility to 10-acre Smith Park and is within walking distance of Western Avenue Metra Station, which provides transportation to Chicago's central business district.

LOCATION DETAILS

The West Town neighborhood of Chicago is located a few miles west of Chicago’s Loop and offers views of Chicago’s skyline from most parts of the neighborhood. West Town benefits by being comprised of several neighborhoods whose residents have all brought a rich history. Neighborhoods within West Town include East Village, Eckhart Park, portions of Humboldt Park, Noble Square, portions of River West, Smith Park, Ukrainian Village, and Wicker Park.

Today, West Town is rapidly changing and becoming one of Chicago’s most desirable neighborhoods, offering an array of colorful galleries and museums, independent theaters, quaint coffee shops, and a booming restaurant and nightlife scene. 2335-37 W. Superior St. is located in the heart of Ukrainian Village, just blocks from the neighborhood's popular Chicago Avenue, as well as in close proximity to public transportation.

HIGHLIGHTS
  • Large 14-Unit Building Provides Rare Opportunity to Obtain Scale in Much Sought-After Ukrainian Village
  • Under Same Ownership for Over 30 Years
  • Meticulously Maintained with Extensive Capital Improvements
  • Excellent Opportunity for an Investor to Capture Significant Rental Upside through Rehab
  • Large Unused Basement Space with High Ceilings
  • Steps from an Abundance of Restaurants on Chicago Avenue and Western Avenue Metra Station
LISTING BROKERS
Abe Eilian
Director
773.305.4882
Doug Fisher
Principal
773.305.4910