Essex Realty Group, Inc. was exclusively engaged to market for sale 6140 S. Drexel Ave., an 86-unit apartment building located in Chicago’s Hyde Park neighborhood. The unit mix consists of thirty-five (35) 3 bedroom, thirty-three (33) 2 bedroom, seventeen (17) 1 bedroom and one (1) 4 bedroom apartments.

Typical units include vinyl floors in the kitchen and bathrooms, carpeted floors in common areas and the bedrooms, white or stainless steel appliances, laminate or granite faux countertops and radiator heat. Building amenities include secure entry with intercom system, elevator, fitness center, leasing office and a party room. In addition, there are ninety (90) surface parking spaces.

There is a regulatory and land use restriction on the subject property that runs through December 31, 2021. The main points on the restriction are as follows:
1. 9 units have to be leased to tenants at 50% AMI
2. 12 units have to be leased to tenant at 60% AMI
3. 22 units have to be leased to tenants at 80% AMI

The Property is situated on the west side of Drexel Avenue between 61st & 62nd Street, and is just steps from the University of Chicago, Midway Plaisance and Washington Park. It is within close proximity of of many national retailers including Aldi, Whole Foods, CVS, Walgreens, Dunkin’ Donuts, Starbucks and Target. In addition, it is within walking distance of many world renowned museums including the Museum of Science and Industry, DuSable Museum of African American History, Oriental Institute Museum and Smart Museum of Art.

• 1, 2, 3 & 4 Bedroom Apartments
• 940 Square Foot Average Apartment Size
• 90 Space Adjacent Parking Lot
• Walking Distance of the University of Chicago, Jackson Park and World Class Museums
• Easy Access to 59th St. and 63rd St. Metra Stations
• Existing IHDA Contract in Place Through 2021