ON MARKET – MULTI-FAMILY
1657 W Foster Ave Chicago, IL 60640
NEIGHBORHOOD
Andersonville
PRICE
$2,800,000
NUMBER OF UNITS
12
CAP RATE
5.96%
PROPERTY LISTED

Essex Realty Group, Inc. is proud to have been exclusively engaged to market for sale 1657 W Foster Ave in Chicago, Illinois. The subject property is a twelve (12) unit mixed-use, corner walk-up apartment building located on the Southeast corner of Foster Ave and Paulina St in the prestigious Andersonville neighborhood on Chicago's north-side.

The property consists of ten (10) apartments and two (2) storefronts. While the building was originally constructed in 1920, current ownership had renovated all of the apartments along with most of the building systems in 2007. Interior apartment renovations were intended to compete with existing condominiums and included, but were not limited to: granite countertops, cherry wood cabinetry, stainless steel appliances, dishwashers, built-in microwaves, refinished original hardwood floors, new bathrooms, in-unit laundry, and electric A/C sleeve units. The apartments are in immaculate condition and have been well maintained since undergoing renovations.

The commercial storefronts include one corner entrance and one street entrance. The corner space is occupied by Isabella's, a popular neighborhood bakery and coffee shop. Isabella's has occupied this space for over 13 years and their current lease runs until 2021. The street entrance is occupied by White Crane Wellness Center, a local non-profit business that focuses on the healthcare and well being of elderly adults. They are affiliated with local senior service centers such as Chicago Methodist which operates a senior living facility a couple of blocks from the subject property. The rental income provided by the retail storefronts currently accounts for approximately 19.7% of the total gross income of the entire property.
In addition to significantly renovating the apartments, current ownership had also fully upgraded the electric service throughout the building, installed copper plumbing throughout, installed new vinyl double-hung windows throughout, and replaced the back porches. Heat to the apartments is provided by a Peerless steam-heat boiler while the retail units are heated by a gas forced furnace which is separately metered. Domestic hot water to the entire building is provided by one Rheem 91-gallon hot water boiler that was installed in 2013.

The offering provides a new investor with the opportunity to acquire a stabilized, well performing real asset in an irreplaceable location. A new ownership group can continue to capitalize on the phenomenal rental market of Andersonville while limiting their exposure to future capital expenditures in a property that has undergone extremely detailed renovations and upgrades.

LOCATION DETAILS

The subject property is located on the Southeast corner of Foster and Paulina, just two blocks west of the renowned intersection of Clark and Foster which marks the center of the Andersonville neighborhood. Andersonville has quickly become one of the more prominent destinations to live in the City of Chicago due to its vibrant commercial corridor, rich history, and unprecedented architecture.
Andersonville features a bustling commercial corridor that is largely comprised of the Andersonville Commercial Historic District which runs from 4800 N Clark Street to 5800 N Clark Street. This stretch includes several local and national retailers, restaurants and bars that work in conjunction to provide an appeal of charm and convenience for Andersonville's diverse population. Retailers within walking distance including Mariano’s, PetSmart, and CVS. Popular restaurants/nightlife in the neighborhood include Hopleaf, Reza’s, Lady Gregory’s, Koval Distillery, and The Bongo Room.

The CTA Red line has two stops near the subject property located at Argyle and Berwyn. The Argyle station is just 8-minutes walking distance from 1657 W Foster, and the Berwyn station is just 9-minutes walking distance from 1657 W Foster. The Red line passes through these stations frequently allowing residents an easy commute throughout the Chicagoland area. Bus lines that are easily accessible to the subject property include the #92 Foster and #22 Clark. In addition, the Ravenswood Metra Station is just a half mile south of the subject property.

HIGHLIGHTS
  • Irreplaceable Andersonville Location
  • Hard Corner, Vintage Walk Up Building
  • Ten (10) Apartments; Two (2) Stores
  • ~80% of Total Income Generated by the Apartments
  • All Ten (10) Apartments are Condo Quality
  • In Unit Laundry, Microwave, and Dishwashers
  • All Electric and Plumbing Replaced in 2008
  • Porches and Windows Replaced in 2008
  • Corner Retail Tenant has Occupied for 10+ Years
  • Favorable 5.9% CAP Rate on Current Operations
LISTING BROKERS
Matt Feo
Director
224.305.4102
Joe Scheck, CFA
Director
773.305.4842