Essex Realty Group, Inc. has been exclusively engaged to market for sale 5036-38 N. Kimball Ave., a center-entrance 9-unit apartment building located in Chicago’s North Park neighborhood. The 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 less than a two-block radius of both North Park and Northeastern Illinois University.
The Subject Property consists of seven (7), remarkably large, 5 Bed/2 Bath units and two (2) non-conforming english garden 2 Bed/1 Bath apartments. Each unit was updated around 2008 and features hardwood floors, granite countertops, stainless steel appliances, central heat and air-conditioning, and in-unit laundry. Additional income is generated by 4 garage parking spaces behind the building.
The apartment rents are materially below market and rent on average for $2,500, roughly $500/bedroom. An investor may realize an immediate upside in rents with a fresh leasing strategy. Nearby apartments with similar vintage, rent frequently for almost $3,000 and units more recently updated have rented closer to $3,500.
5036-38 N. Kimball Ave. is situated on the west side of Kimball avenue just south of Foster Ave. making it an ideal candidate for both the local population and students from North Park and Northeastern University. It is conveniently located steps from a multitude of local shops and restaurants along Foster and Kimball Avenues. 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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- Oversized Center-Entrance 9-Unit Brick Apartment Building
- Blocks from Both North Park and Northeastern Illinois University
- Seven (7) LARGE 5 Bed/2 Bath Apartments & Two (2) 2 Bed/1 Bath Apartments
- Four (4) Garage Parking Spaces
- Significant Upside in Rents | $200 - $300 in almost every unit (As-Is Condition)