Essex Realty Group, Inc. is pleased to announce the sale of 5900 N Washtenaw Ave., an extremely well located 2-unit building, with an additional two (2) non-conforming units in the heart of Arcadia Terrace on Chicago’s North Side. The two conforming units consist of two (2) 3 Bed/2 Bath apartments. In addition, the building includes one (1) 2Bed/2 Bath garden-level unit, one (1) studio garden-level unit, a private back yard, and a two (2) car garage.
The offering presents several investment strategies including an opportunity to immediately lease out the four vacant units as-is at market rents. With additional cosmetic upgrades, an investor may also command dramatically higher market rents as part of a value-add strategy. Alternatively, an investor may choose to leverage the location to legalize the garden-level units through the city’s ADU Pilot Program.
Located just southeast of the Peterson /Lincoln Ave. intersection, the property sits on an extra-wide corner lot in an excellent pocket of Arcadia Terrace. The Subject Property is conveniently situated steps from several bus stops on Peterson, Lincoln, and California Avenues and less than a mile and a half from the new Peterson & Ridge Metra station slated to open in 2023. In addition, the neighborhood offers convenient access to numerous retail and dining options.
- Two (2) Units with an Additional (2) Bonus Garden Units
- Opportunity to Immediately Lease Vacant Units at Market Rent
- Additional Value-Add Opportunity with Cosmetic Upgrades to Units
- Located in an ADU Pilot Area