Essex Realty Group, Inc. is pleased to announce the sale of 5861 N. Magnolia Ave., a three-unit apartment building in the desirable Magnolia Glen neighborhood within Chicago’s Edgewater community.
5861 N. Magnolia Ave. is a traditional Chicago three-flat, comprised of two (2) 3Bd/1.5Ba and one (1) 3Bd/1Ba. The first-floor unit is a duplex down, though the lower level is currently sealed off and being used as storage.
The property has been well maintained and received extensive capital improvements over the past several years. Additional income is generated from coin-operated laundry in the basement as well as a total of three (3) parking spaces (three surface spaces).
Presently, all of the apartments are fully furnished, short-term rentals. A new owner has the opportunity to leverage this strategy or convert the three units back to annual leases for ease of management. Additionally, investors may seek to reopen the duplex down in the first-floor unit and basement space at 5861 N. Magnolia Ave. to create a 4Bd/2Ba apartment.