Essex Realty Group is pleased to announce the sale of 640 and 656 W. Wrightwood Ave., a pair of vintage elevator buildings located in the North Side’s Lincoln Park neighborhood. The Properties are both vintage, corridor-style, elevator buildings built in approximately 1932. Both buildings have been owned by the same entities for over 50 years, providing investors with the unique opportunity to acquire two rarely available trophy assets located steps apart.
640 & 656 W. Wrightwood Ave. feature spacious studio and one bedroom apartments with older finishes including carpet and vinyl flooring; kitchens with white appliances, laminate countertops, and wood cabinetry; baths with original ceramic tile floors, newer ceramic tile shower surrounds, and laminate vanities with fiberglass tops; and radiator heat. Current monthly rents at each property are $275 to $300 below market. For example, studios at the properties average $735 per month, whereas comparable vintage studios are renting for $1,000 per month and renovated studios are renting for $1,225 per month.
Each property features elevator service, 800-amp electric service, coin-operated laundry, an A.O. Smith hot water heater and storage tank, original plumbing fixtures, and original Pacific steel boilers.
- Essex generated 38 property tours and 12 offers. Please call for sale price and information.
- Extremely rare opportunity to acquire immediate scale in one of Chicago's most desirable neighborhoods.
- 640 & 656 W. Wrightwood Ave. are available for the first time in over 50 years; offered individually or as a portfolio.
- Substantial rental upside and multiple value-add strategies