Essex Realty Group, LLC has been exclusively engaged to market for sale 4948-58 W. Dickens Ave., a well-cared-for 11-unit apartment property featuring a large corner brick building, a recently paved private parking lot, and a coach house.
The Subject Property is comprised of four (4) 3 Bed/1 Bath, five (5) 2 Bed/1 Bath, and two (2) 1 Bed/1 Bath units. Unit finishes feature hardwood floors, a mix of granite and laminate countertops, stainless steel or white appliances, individually furnaced heat and window air conditioning. The property also features a common laundry room and a five (5) car private parking lot.
The ideal unit mix offers meaningful rental upside in its current condition. The Belmont Cragin submarket has experienced substantial rent growth, particularly over the past five years, as the neighborhood has broadened its tenant appeal. Demand has increasingly been driven by a younger renter demographic priced out of nearby neighborhoods, alongside the long-standing working-class residents who have historically defined the community. As outlined in the rent comparables included in the offering, similar units have recently achieved rents up to approximately 15% above the subject property’s current rent levels.
ASSUMABLE DEBT AVAILABLE AT 4.38% MATURING 8/1/2032
Freddie Mac SBL loan serviced by Key Bank
Contact your Essex Broker for more information
Belmont Cragin is a well-established Northwest Side of Chicago residential neighborhood, defined by a strong sense of community, classic housing stock, and convenient access to the city’s broader transportation network. The area features a diverse mix of neighborhood retail corridors, local businesses, and long-standing family-owned establishments serving residents throughout the surrounding Northwest Side.
Much of the housing stock is characterized by masonry constructed two and three-flat buildings – many of which were built in the early to mid-20th century as Chicago expanded westward. It can be difficult to purchase larger apartment properties in this neighborhood as they are relatively rare – especially properties that are 10 units or larger.
Historically, Belmont Cragin attracted working and middle-class families seeking proximity to employment centers and reliable transit access. While many of those residents remain, the area has experienced steady reinvestment in recent years, with renovations to existing buildings and select new residential developments contributing to its continued evolution. This reinvestment has broadened the tenant base, and today the neighborhood appeals to a mix of long-term residents and younger renters seeking updated housing options at a more attainable price point than nearby markets with higher rental rates.
- Large 11-Unit Property on a Double-Wide Lot
- Ideal Mix of 3 Bed, 2 Bed, and 1 Bed Apartments
- Attractive Assumable Debt Option: 4.38% Fixed Until 2032
- Substantial Rental Upside in Existing Condition
- Private Surface Parking Lot with 5 Spots