Essex Realty Group, Inc. has been exclusively engaged to market for sale 5026 N. Kimball Ave., a corner 39-unit courtyard apartment building located in Chicago’s North Park neighborhood. This property has been under the same ownership for more than 30 years, providing investors the opportunity to acquire a rarely available asset that is located within a two-block radius of both North Park and Northeastern Illinois University.
The Subject Property consists of 21 two bedroom/one bathroom units; 9 one bedroom/one bathroom units; 4 two bedroom/one bathroom garden units; and 5 one bedroom/one bathroom garden apartments. More than half the units have been renovated or partially renovated and include newer kitchens and baths. In addition, each unit features an individual furnace for heat.
The apartment rents are materially below market. For example, the average rent for the 2 bedroom apartments is $1,265 – while nearby market rents for 1 bedroom apartments can be as much as $1,450. As another example, there are 2 bedroom garden apartments at the property that currently rent higher than the average rent for the above grade 2 bedroom apartments.
5026 N. Kimball is situated on the northwest corner of Kimball and Carmen Ave., directly across the street from Von Steuben Metropolitan Science Center and less than two blocks from North Park and Northeastern Illinois University making it an ideal candidate for both the local population and students. Further, the Kimball CTA Brown Line Station is within walking distance of the property, as well as several bus stops along Foster Avenue.
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- 39-Unit Vintage Courtyard Apartment Building
- Unit Mix: (25) 2Bd/1Ba & (14) 1 Bd/Ba
- Current Average Rents are Approximately 15% - 20% Below Market
- Individual Furnaces in Each Unit
- Blocks From Both North Park & Northeastern Illinois University