ON MARKET – MULTI-FAMILY
940 W. Argyle St. Chicago, IL 60640
NEIGHBORHOOD
Uptown
PRICE
$1,850,000
NUMBER OF UNITS
6
CAP RATE
5.05%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 938-940 W. Argyle St. ("the Property"), a center entrance six-flat located in Chicago's vibrant Uptown neighborhood. The Property is conveniently located 0.2 miles east of the newly Argyle CTA Red Line station, less than 300 feet away from the Argyle and Sheridan CTA Bus Stop, and 0.2 miles west of Lake Michigan and the Park.

938-940 W. Argyle St. is comprised of five (5) 3Bd/1Ba units, one (1) 2Bd/1Ba unit, a 5-car garage, and a 5-car parking pad. The units feature hardwood floors, vintage details, and varying levels of kitchen and bath finishes. In addition, all units feature their own gas forced heat and soffited duct work. Ownership has recently updated the entrance hallways and the basement laundry room. Additionally, there is a partially finished basement that has plumbing and electric that used to be a non-conforming 4Bd/1Ba apartment.

The Property presents a new owner with several value-add opportunities. The units on the 2nd & 3rd floor can be renovated as they turn: a new owner may elect to add washer & dryer, new kitchens, new bathrooms, refinish the floor, and add an AC condenser to the furnace.

Additionally, the Property has a partially finished basement that encompasses the footprint of the building. There is potential to duplex both 1W & 1E into the basement and create two (2) 4Bd/2Ba duplex-down apartments. Likewise, Chicago's proposed ordinance 02020-2850 is pending final city approval and would allow for the addition of accessory dwelling units.

LOCATION DETAILS

940 W. Argyle St. is conveniently located in the heart of Uptown, a thriving community situated six miles north of the loop. The neighborhood is also located just north of Lakeview and east of Ravenswood, allowing residents to enjoy a variety of entertainment and dining options offered by these popular bordering neighborhoods. This historic neighborhood is located on the shores of Lake Michigan and was originally developed as an affluent resort area that served as a tranquil oasis away from city life. It was a popular destination for movie stars of Chicago’s silent film era, evidenced by the numerous destinations for music and the arts. Landmarks like the Byline Aragon Ballroom, Riviera Theatre, Uptown Theatre and Green Mill Jazz Club hold deep historic, architectural and cultural significance and are still frequented today.Uptown has benefited from significant public investment in recent years that is rebuilding the area's public transportation and major thoroughfares. The Wilson CTA Red Line station is located one block south of the Property and is currently undergoing a $203 million renovation. This multi-phase project will replace more than 2,200 feet of the century-old Red & Purple Line tracks in addition to the construction of a brand new fully-accessible station.

HIGHLIGHTS
  • Five 3Bd/1Ba units and one 2Bd/1Ba unit
  • 5 - Car garage & 5 - Car parking pad
  • Units feature hardwood floors, vintage details, and varying levels of kitchen and bath finishes
  • Potential opportunity to add ADUs in the basement per proposed ordinance 02020-2850 or duplex down to create large 4Bd/2Ba units
LISTING BROKERS
Clay Maxfield
Director
773.305.4852
Doug Imber
President
773.305.4902
Kate Varde
Principal
773.305.4908