Essex Realty Group, Inc. is pleased to announce the sale of 5220-22 N. Christiana Ave., a center-entrance 6-unit apartment building located in Chicago’s North Park neighborhood.
The property had been under the same ownership for more than 20 years, providing investors the opportunity to acquire a rarely available asset located within less than a two-block radius of North Park and Northeastern Illinois University.
The Subject Property consists of six (6) large 2 Bed/1 Bath units featuring a separate front living room and middle dining room. Each unit features hardwood floors, laminate countertops, white appliances, boiler heat and window air-conditioning, as well as access to a private backyard. Notably, a non-conforming 7th unit is currently being constructed in one of the property’s two basements.
Essex’s effective marketing campaign led to sixteen (16) showings and eight (8) offers. Thanks to this high level of interest, the property was listed and sold within a month.
North Park, a highly sought-after sub-neighborhood within Albany Park, derives its name from the nearby North Park University, a vibrant liberal arts college that attracts over 5,000 local students and employs approximately 500 faculty members (refer to Northpark.edu and datausa.io for more information). Furthermore, Northeastern Illinois University, boasting an enrollment of more than 7,000 students, is also situated within this thriving neighborhood (visit neiu.edu for details). The presence of these educational institutions greatly bolsters the local retail scene, benefiting a wide range of establishments, from well-known national brands like Jimmy John’s and Starbucks to cherished local gems like The Swedish Shop and Tre Kronor.
The Subject Property arguably enjoys the most prime position in the neighborhood. It’s located just a stone’s throw away from one of the main commercial thoroughfares along Foster Avenue, and it’s within a two-block radius of BOTH Northeastern and North Park Universities. This makes it an ideal choice for both local renters and students alike. Residents at the building enjoy the added convenience of being within walking distance to the Kimball CTA Brown Line Station, with frequent Brown Line service providing them with easy access to commute throughout the Chicagoland area. Additionally, residents have convenient access to several bus lines, including the #92 Foster bus.
- 16 Showings (All Scheduled Within 72-Hours of Listing)
- 8 Competitive Offers
- Just One Month Between Listing and Closing
- Center-Entrance 6-Unit Brick Building with Basements
- Blocks From Both North Park & Northeastern Illinois University
- Significant Value-Add Opportunity in Apartments