ON MARKET - MULTI-FAMILY
4825-31 N. Springfield Ave. Chicago, IL 60625
NEIGHBORHOOD
Albany Park
PRICE
$2,925,000
NUMBER OF UNITS
28
PROPERTY LISTED

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.

LOCATION DETAILS

.

HIGHLIGHTS
  • 28-Unit Courtyard Building
  • Unit Mix: (21) Studios, (6) 1Bd/1Ba, (1) 2 Bd/1 Ba
  • Approx. 16% Upside in "As-Is" Condition
  • Located Walking Distance to Kimball Brown Line Stop and Several Closer Bus Stops
LISTING BROKERS
Managing Director
224.305.4102
Director
708.466.2626
Senior Analyst
224.217.1048