ON MARKET – MULTI-FAMILY
5324 N. Kimball Ave. Chicago, IL 60625
PRICE
$1,725,000
NUMBER OF UNITS
13
CAP RATE
5.82%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively retained to market for sale 5324 N. Kimball Ave. in Chicago, Illinois. The subject property is a 13-unit brick, walk-up building located near the intersection of Kimball Ave. and Foster Ave. in the Albany Park neighborhood of Chicago.

The current unit mix consists of Ten (10) -1 Bed/1 Bath and Three (3) - 2 Bed/1 Bath apartments with separate formal dining rooms. Recently, three of the units were extensively renovated with updates that included new kitchens (cabinetry, countertops, tile work, appliances), updated bathrooms (vanity, sink, faucet, toilet, tile work, and finishes), hardwood flooring throughout and trim work. Additionally, all the windows were replaced, and the rear porches were replaced in 2015.

This is an excellent opportunity for an investor to acquire a multifamily property with significant value-add potential. The current rents are averaging at least 20% below market, which offers the opportunity to raise the current rents to market and operate the property as-is. A buyer may also choose to convert the dining rooms into second bedrooms, which would enhance the unit layouts for a significant yield increase.

LOCATION DETAILS

The subject property is conveniently located in the heart of the Albany Park neighborhood on Chicago’s North-side. The neighborhood is bordered by Bryn Mawr Ave. to the north, Montrose Ave. to the south, the Chicago River to the east, and Pulaski Rd. to the west. The immediate area surrounding the subject property is low-density and primarily residential with retail shopping just minutes away.

5324 N. Kimball Ave. is steps from many retailers and restaurants along Foster Ave. and Kedzie Ave. Residents are within walking distance to Starbucks, Dandana, Tre Kronor, and Einstein Bros. Bagels. Additionally, the subject property is situated within close walking distance to a sub-neighborhood of Albany Park called North Park. North Park has become an increasingly popular destination for families and young professionals to reside. Northside College Preparatory High School is just a mile north of the subject property. Northside has earned a reputation for academic excellence and has been consistently ranked as the #1 high school in Illinois by US News and World Report.

This Chicago neighborhood is home to two universities, Northeastern and North Park, and is also the site of WTTW public television and radio studio. Its proximity to both Northeastern and North Park University’s campus makes it a convenient residence for both students and faculty alike.

The CTA Brown Line has a stop in the neighborhood located at Kimball and Lawrence. The Kimball CTA station is walking distance south of 5324 N. Kimball Ave. The Brown line passes through frequently allowing residents an easy commute throughout the Chicagoland area. Bus lines that are easily accessible to the subject property include the #92 Foster bus, the #93 Kimball bus, and the #82 Kimball bus.

HIGHLIGHTS
  • Prime Albany Park / North Park Location
  • Equidistant Between & Walking Distance to North Park University & Northeastern Illinois University
  • Many Recent Improvements- Rear Porches, New Windows, Three Units Recently Renovated
  • Spacious One and Two-Bedroom Layouts with Formal Dining Room; Additional Upside to Convert Units into 2 Bedrooms
  • Excellent Value-Add Opportunity
  • Current Rents are Significantly Below Market
LISTING BROKERS
Steven Livaditis
Principal
773.305.4840
Matt Feo
Director
224.305.4102