Essex Realty Group, Inc. has been exclusively engaged to market for sale 4825-4831 N. Springfield Ave., a 28-unit courtyard apartment building located in Chicago’s Albany Park neighborhood.
The Property consists of 21 studio units, six (6) one bedroom/one bathroom units and one (1) two bedroom/one bathroom garden unit. Apartment finishes feature hardwood or new laminate floors, laminate countertops, a range of appliance finishes (replaced as necessary with stainless steel), boiler heat and window air-conditioning. The property has received recent extensive capital improvements including a new partial roof layer, a new hot water heater, mostly copper plumbing and reinforced porches (2019).
An opportunity exists for an investor to raise rents in many of the apartments, which are materially below market. For example, the studio rents in the Subject Property’s “4831 B” tier rent for a range of $1,150 to $925, currently. There are multiple instances of similar rent disparity throughout the building.
4825-4831 N. Springfield Ave. is situated a half block north of Lawrence Ave. on the east side of Springfield Ave. There are several bus stops within 5 minutes from this location in addition to the Kimball CTA Brown Line station which is also walking distance and less than .75 mi. away.
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- 28-Unit Courtyard Building
- Current GRM: 7.89
- Unit Mix: 21 Studios, (6) 1Bd/1Ba, (1) 2 Bd/1 Ba
- Significant Upside in Rents in As-Is Units
- Located Walking Distance to Kimball Brown Line Stop and Several closer Bus Stops