Essex Realty Group, Inc. is pleased to announce the sale of 4854-4856 Elm Street, a handsome thirteen-unit brick corner apartment building located in the coveted north Chicago suburb of Skokie. The building also includes a non-conforming studio apartment that has recently been rehabbed. The conforming thirteen (13) apartments consist fully of 1Bd/1Ba units, along with thirteen (13) surface parking spaces. The Property has recently received multiple capital improvements, including a new boiler (2018), windows (75% replaced in 2017), and hot water tank (2017).
The fully-occupied Property provides a “turn-key” investment opportunity with the ability to increase rents by 10% or more in “as-is” condition. It also presents the opportunity to significantly increase rents by making modest cosmetic updates to unit interiors.
4854-4856 Elm Street is conveniently located 13 miles north of Chicago’s Central Business District and is accessible via the Dempster-Skokie CTA Yellow Line station as well as I- 94, both of which are located within one mile of the Property. The area offers residents a vibrant and rapidly developing community with new trendy restaurants and retailers within walking distance. Multiple bus routes along Main Street and Skokie Boulevard are also steps away. The Property is also situated near the Village’s many parks, restaurants, and shopping centers, and is a quick drive to Oakton Community College which has an enrollment of over 9,800 students.
The Village of Skokie is bordered by Evanston, Lincolnwood, Niles, Morton Grove, and Wilmette; and many consider it a part of the North Shore.
The immediate pocket surrounding the building is primarily residential with major commercial stretches within steps of the subject property along Main St., Skokie Blvd., & Niles Center Rd. New and trendy restaurants such as Sketchbook Brewing have recently opened in the area, making Skokie a fun place to live and work.
4854-56 Elm St. is conveniently situated in the Niles Township High School District 219 just a mile and a half northeast from Niles West High School. Niles West has both been named among the 20 Best Public High Schools in suburban Cook County by Chicago Magazine. The Skokie Park District maintains public spaces and historical sites within its more than 240 acres of parkland and in its ten facilities. The district is a recent winner of the national “Gold Medal for Excellence” in parks and recreation management. Every May since 1991, the park district hosts the Skokie Festival of Cultures to celebrate the Village’s diverse composition. In addition to municipally managed public spaces, the Village is also home to the state-of-the-art North Shore Center for the Performing Arts, encompassing Centre East, Northlight Theatre, and the Skokie Valley Symphony Orchestra.
The property’s convenient location offers easy access to the Edens Expressway (I-94) and the CTA Dempster-Skokie and Oakton-Skokie Yellow Line stations (commonly known as the Skokie Swift). In addition, there are several CTA and Pace bus stops along Skokie Blvd. and Niles Center Rd.
- Tremendous Interest - 12 Property Tours and 11 Offers in Just Two Weeks of Marketing
- Well-Maintained Vintage Building in Coveted Suburb of Skokie
- (13) Large 1Bd/1Ba Units and (1) Non-Conforming Studio Unit
- Multiple Recent Capital Improvements: New Boiler (2018), Windows (2017 75% replaced), and Hot Water Tank (2017)
- Less Than Half Mile From Dempster-Skokie CTA Station