Essex Realty Group, Inc. is pleased to announce the sale of 5901-5903 W. Race Ave. & 516-518 N. Mayfield Ave., two neighboring buildings on a single parcel located in one of the best pockets of the Austin neighborhood. The buildings are comprised of (9) 2 Bd/1 Ba, (1) 3 Bd/1 Ba, & (1) 4 Bd/2 Ba units, totaling 11-units with a shared fenced-in yard. Additionally, there are two partially built-out full bathrooms in the basement, offering the opportunity to add a 12th unit for further income.
The Subject Properties are situated on a quiet corner just blocks away from downtown Oak Park and 0.2 miles north of the Austin Green Line station. The location provides convenient access to a variety of local amenities and major employers in both Oak Park and the city of Chicago.
5901-5903 W. Race Ave. & 516-518 N. Mayfield Ave. presented investors with an opportunity to acquire two vintage buildings in a desirable location with operational upside.
Essex led an extensive marketing campaign resulting in multiple competitive offers.
The neighborhood of Austin is located nine miles directly west of downtown Chicago, and is the third largest community area in the City of Chicago by population. The neighborhood sits on the far west edge of the City and shares a border with Elmwood Park, Cicero, and Oak Park. Due to its proximity to many suburban communities, Austin shares many similar features such as grand residences, wide lots and boulevards, and plenty of green space. In recent years, Austin has become a focus area for many redevelopment initiatives such as the Austin United Alliance (a $37.5 million renovation project), and is one of ten priority communities selected for the initial stage of the Mayor’s INVEST South/West.
Austin is served by abundant transportation and retail options. Within 0.2 miles of the Subject Property is the CTA Green Line Austin Station, which provides direct access to downtown Chicago as well as Oak Park. Also within 1.5 miles is the Eisenhower Expressway (I-290) and the Austin Blue Line Station which also provides direct transport to downtown Chicago as well as O’Hare International Airport. Major retailers and employers are located within minutes, such as West Suburban Medical Center which employs over 2,500 individuals, and numerous convenient options for shopping and dining.
- Rare Opportunity to Acquire Two Vintage Buildings on a Single Parcel
- Fully-Occupied Property with 25% Rental Upside "As-Is"
- Desirable Unit Mix - All Units are 2Bd/1Ba or Larger
- Majority of the Eleven (11) Units Have Received Recent Renovations
- Prime Austin Location Just One Block From Oak Park and Within 0.2 Miles of the CTA Green Line