ON MARKET – MULTI-FAMILY
905-911 W. Carmen Ave. Chicago, IL 60640
NEIGHBORHOOD
Uptown
PRICE
$7,752,000
NUMBER OF UNITS
41
CAP RATE
4.91%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 905-11 W. Carmen Ave., a 41-unit courtyard property in the Uptown neighborhood of Chicago. The property provides investors with the opportunity to acquire a rarely available asset just steps from transportation and Lake Michigan.

The subject property includes twelve (12) studio units, sixteen (16) 1 Bd/1 Ba units, and thirteen (13) 2 Bd/1 Ba units featuring hardwood floors, granite or laminate countertops, white or stainless-steel appliances, and dishwashers in select units. The immaculately maintained building has a stunning formal lobby, bike room, and storage closets. An opportunity exists for an investor to further improve the property by modernizing all the kitchens and baths and adding in-unit laundry. The apartment’s floor plans make converting the studios into 1-bed units, and 1-bed units into 2-bed units very feasible after acquisition.

Located on a beautiful tree-lined street, on the south side of Carmen Avenue and just east of Sheridan Road, the property is conveniently situated steps from the Argyle CTA Red Line and multiple bus stops. In addition, the neighborhood offers access to restaurants, and retailers, all while sitting along the Lake Michigan beachfront.

LOCATION DETAILS

Located on the shores of Lake Michigan, Uptown was originally developed as an affluent resort area that served as a tranquil oasis away from the hectic city life. It was a popular destination for movie stars of Chicago’s silent film era which is evidenced by the numerous destinations for music and the arts. Landmarks like the Aragon Ballroom, Riviera Theater, Uptown Theater, and Green Mill Jazz Club hold deep historic, architectural, and cultural significance and are still frequented today.

Situated roughly six miles North of Chicago's Central Business District, Uptown offers residents a charming community of tree-lined streets while still being within close proximity to downtown Chicago. Uptown is located just North of Lakeview and East of Ravenswood allowing residents to enjoy the great qualities these neighborhoods have to offer. Uptown is mostly residential containing six-flats, single-family homes, and courtyard apartment buildings. The nearby Montrose harbor and Montrose beach make lake and park access easy for residents.

HIGHLIGHTS
  • Desirable Uptown Location Within Walking Distance to the Argyle Redline and Lake Michigan
  • Rarely Available 37-Unit Courtyard Building with 4 In-Law Units; Within the ADU Pilot Zone
  • Current Rents Significantly Below Market
  • Layouts Feature Spacious Studios, One-Bedroom, and Two Bedroom Apartments
  • Several Opportunities to Add Additional Bedrooms
  • Significant Value-Add Opportunity
LISTING BROKERS
Matt Feo
Director
224.305.4102
Steven Livaditis
Principal
773.305.4840