Essex Realty Group, Inc. is proud to exclusively market for sale 5526 N. Artesian Ave., a 3-unit building located in Chicago’s Budlong Woods neighborhood. The Subject Property consists of three 3Bd/1Ba and a three-car garage.
Situated just steps from the corner of Artesian and Bryn Mawr, 5526 Artesian is conveniently located 1/10th of a mile from the Western Ave. CTA Bus routes and 2/10ths of a mile from the Lincoln and Catalpa CTA Bus routes.
5526 N. Artesian Ave. presents a buyer with a significant value-add investment opportunity. With many capital improvements already made to the property’s buildings systems, a new boiler in 2015, a new owner could achieve tremendous rental upside by making cosmetic updates to the units.
Current apartment rents are substantially below market. A new owner could increase rents on average $300/mo. for units 2 & 3 with cosmetic updates. As seen in the rent roll, unit 1 is achieving $1,650 per month. Additionally, there is a completely built out in-law unit the basement. A new owner could rent the garden unit for an additional $675/mo. for an additional $8,100 of annual rental income.
- Opportunity to acquire asset with significant rental upside
- Capital improvements made in 2015 including the installation of a new boiler & individual hot water tank
- Property features an additional in-law unit in the basement that can be duplexed into the first-floor unit
- (3) 3Bd/1Ba apartments and 3-car garage