ON MARKET – MULTI-FAMILY
1145-1147 W. Lill Ave. Chicago, IL 60614
NEIGHBORHOOD
Lincoln Park
PRICE
$2,800,000
NUMBER OF UNITS
7
CAP RATE
5.55%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 1145-1147 W. Lill Ave., a 7-unit condominium building located within walking distance to DePaul University in the Lincoln Park neighborhood of Chicago. Per Section 15 of the Illinois Condominium Act, Essex has been engaged to represent Lill Place Condominium Association in the sale of this property.

The subject property is a three-story brick, center-entrance building accompanied by four (4) garage parking spaces in the rear. The unit mix consists of seven (7) 2 Bd/1 Ba units, six of which feature private den’s, and two of which boast private rooftop terraces. Units feature hardwood floors, dishwashers, gas fireplaces, central air conditioning, in-unit laundry and many of the units have been updated to feature granite countertops, tile backsplashes, quality cabinetry and stainless steel appliances.

This is a unique opportunity for a buyer to acquire a rarely available asset in a robust Lincoln Park rental market with multiple strategies to add value. An investor can create substantial value by deconverting the property back to a rental apartment community and renting the apartments in their existing condition. Some investors may choose to further increase value by reconfiguring the units to 2 Bd/2 Ba layouts and achieving significant rental upside of more than 20% above what the units can rent for in their existing condition.

The subject property is conveniently located within minutes of the Fullerton “L” Station, which provides residents with an easy commute to Chicago’s Loop and surrounding neighborhoods via the Red, Purple, and Orange lines. The property is also situated within minutes of Lincoln Park High School, and DePaul University’s Lincoln Park campus which are both considered two of Chicago’s most highly regarded academic institutions and acts as extremely valuable economic drivers for the area. Furthermore, this location presents residents with a multitude of Chicago’s favorite food, entertainment, and outdoor options within a short walking distance from the property.

LOCATION DETAILS

Chicago’s Lincoln Park neighborhood is one of the best known and most historically significant areas in the city.
Located just north of the Loop with Lake Michigan to the east and the Chicago River to the west, Lincoln Park has experienced significant growth over the last few decades. Its proximity to the City’s central business district combined with convenient access to public transportation has led to substantial residential and retail growth, transforming the neighborhood into one of Chicago’s most desired areas to live. Lincoln Park boasts several attractions including the Lincoln Park Zoo, the Chicago History Museum, and most notably, Lincoln Park, Chicago’s largest public park. Magnificent architecture, glamourous boutiques, and renowned restaurants appeal to residents and tourists alike. DePaul University, the country’s largest catholic university, is located in the heart of Lincoln Park and possesses a student body in excess of 25,000. The presence of the school coupled with Lincoln Park’s appeal to a younger demographic creates a large demand for rental housing in the area. Lincoln Park, concurrently, is regularly regarded as one of Chicago’s wealthiest and most expensive communities to live.

HIGHLIGHTS
  • Premier Lincoln Park Location Within Steps of DePaul University
  • 2 Bd/1 Ba + Den Layouts; Top Floor Units have Private Rooftop Decks
  • Great Opportunity for an Investor to Capture Significant Rental Upside Through Deconversion
  • Multiple Investment Strategies to Add Value
  • Potential to Reconfigure Space to 2 Bd/2 Ba Units for Greater Rental Upside
  • Within Minutes of Fullerton Brown/Purple/Red Station
  • Four (4) Garage Parking Spaces
LISTING BROKERS
Abe Eilian
Director
773.305.4882
Matt Feo
Director
224.305.4102
Jonathan Weissman
Associate
773.305.4866