Essex Realty Group, Inc. is pleased to announce the sale of 5201 W. Schubert Ave. (“the Property”) located in the heart of Chicago’s Belmont Cragin neighborhood. The Property consists of twelve (12) apartments comprised of six (6) one-bedroom, and six (6) two-bedroom units.
All twelve apartments have been updated over the past 10 years. These improvements include new drywall, new vinyl windows, and individual gas forced furnaces (all third-floor units have A/C condensers). Additionally, select units feature brand new kitchens with espresso cabinetry, white appliances, and modern baths.
– Significant rental upside: As the enclosed rental survey indicates, current rents are approximately $150 per unit per month below market on average. For example, the 1Bd/1Ba units average $840 per month; nearby comparables are achieving on average $110 per month higher. By bringing rents to market, a potential investor could increase annual collected income by approximately $3,960 for 1Bd/1Ba units.
– Opportunity to build-out vacant 1Bd/1Ba garden unit.
- Significant rental upside; Current rents are approx. $150/unit/month below market on average.
- Value-add opportunity to build out a vacant 1Bd/1Ba garden unit.
- Unit mix: (6) 1Bd/1Ba, (6) 2Bd/1Ba
- Closed within approx. 60 days