Essex Realty Group, Inc. is pleased to announce the sale of 6144 N. Winthrop Ave., a 40-unit “4+1” style, elevator building in Chicago’s North Side neighborhood of Edgewater. The property is located on a beautiful tree-lined street two blocks south of Loyola University’s Chicago campus, two blocks west of Lake Michigan, and less than one block from the Granville CTA Red and Purple Line Station.
The building is comprised of sixteen (16) studios and twenty-four (24) one-bedroom apartments. Current ownership has self-managed the property for nearly four decades, updating units as needed. While the majority of units are rented significantly below market in as-is condition, thirty percent (30%) of the units are leased to CHA Section 8 tenants at above-market rates. The property generates additional income through 23 parking spaces (17 garage, 6 gated surface) and a coin-operated laundry room on the ground floor.
6144 N. Winthrop Ave. provides an investor with the opportunity to significantly add value by renovating units and capitalizing on the ever-increasing demand for housing around Loyola University and Lake Michigan.
- Sold for the First Time in Over 35 Years
- 40 Apartments, 17 Garage Parking Spaces, & 6 Gated Surface Spaces
- Ideal Renovation Opportunity with Substantial Rental Upside
- Premier Location Steps from Loyola University, CTA 'L' Station, & Lake Michigan
- Over 27 Tours and 7 Offers