ON MARKET – MULTI-FAMILY
5640 & 5641 W. Carmen Ave. Chicago, IL 60630
PRICE
$1,995,000
NUMBER OF UNITS
8
CAP RATE
6.89%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively retained to market for sale 5640 W. Carmen Ave. and 5641 W. Carmen Ave. in Chicago, IL. The subject property consists of eight (8) townhome units located near the intersection of the Milwaukee Ave. and the Kennedy expressway in the Jefferson Park neighborhood of Chicago.

All the townhome units are spacious 2 Bed /2 Bath townhome units. Each unit lays out on three (3) floors and has been extensively remodeled with updates that include new modern kitchens (cabinetry, countertops, tile work, appliances), updated bathrooms (vanity, sink, faucet, toilet, tile work, and finishes), hardwood flooring throughout and in-unit laundry. Additionally, each unit has its own parking space.

This is an excellent opportunity for an investor to acquire a well-positioned townhome complex with stable cash flow in a desirable location. The current average rents are approximately 12% below market, which offers the opportunity to raise the current rents to market and capture an even higher yield without requiring any additional investment.

LOCATION DETAILS

The property is situated along Carmen Avenue, which is directly next to the Kennedy Expressway and Milwaukee Avenue. Along Milwaukee Avenue is an abundance of restaurants, shops and parks. Some of the best restaurants include Gorilla Sushi and Elly's on Milwaukee among many others. In addition, the property is conveniently located directly next to Jefferson Park Metra station and is within walking distance of multiple CTA bus stops along Milwaukee Avenue making for easy access to anywhere a resident may need to commute.

Jefferson Park borders the near-north suburbs to the north, Edison Park to the east, Portage Park to the south, and Harwood Heights to the west. The neighborhood is located 13.3 miles from Chicago’s central business district. Due to the neighborhood's abundant transportation services, residents are able to commute to Downtown Chicago Seamlessly. Union Pacific Northwest Metra Line conveniently runs through Gladstone Park Metra station and Jefferson Park Metra Station. Additionally, Jefferson Park is one of Chicago’s closest neighborhoods to O’Hare International Airport. This strategic location allows residents flexibility to utilize Chicago’s world-class transportation infrastructure.

Jefferson Park is known for its rich cultural heritage and family-centric, residential neighborhoods. This includes a multitude of authentic Eastern European restaurants, art museums, and live music venues. Every summer, festivals fill the areas - Namesake Park. Taste of Polonia is the most popular festival, which is the largest Polish festival in the United States, with tons of live bands, polish foods, and cultural performances.

HIGHLIGHTS
  • Prime Jefferson Park Location
  • All the Units Have Been Completely Renovated
  • Individual Furnaces, Laundry, Dishwashers and Parking
  • Stable Cash Flow
  • Conveniently Located Next to Three Major Transportation Options
  • Current Rents are Significantly Below Market
LISTING BROKERS
Steven Livaditis
Principal
773.305.4840
Matt Feo
Director
224.305.4102