ON MARKET – MULTI-FAMILY
663 W. Grace St. Chicago, IL 60613
NEIGHBORHOOD
Lakeview
PRICE
Subject to Offer
NUMBER OF UNITS
80
CAP RATE
5.4%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 663 W. Grace St. ("the Property"), located in Chicago's desirable East Lakeview neighborhood. The Property is being offered as a condominium deconversion opportunity under Section 15 of the Illinois Condominium Act. The 80-unit four plus one style, elevator building is comprised of 40 studios, 40 1Bd/1Ba units, and 40 deeded parking spaces.

Of the 80 condominiums, 39 units are owned in bulk by one entity. In addition, nearly 70% of the condominiums are currently renter-occupied. Furthermore, approximately 78% of the association has already indicated their desire to participate in a bulk sale. Please note, all offers will be subject to a vote by the HOA members.

The Property features one passenger elevator, 800-amp electric service, six coin-operated washers and dryers, two Mighty-Therm boilers, an A.O. Smith hot water heater (2015), two 250 gallon storage tanks, vinyl windows (2005), and original plumbing fixtures.

Please visit the property vault to view available unit images and current lease agreements. A detailed rent roll can be found on page 37.

LOCATION DETAILS

Essex Realty Group, Inc. has been exclusively engaged to market for sale 663 W. Grace St. ("the Property"), located in Chicago's desirable East Lakeview neighborhood. The Property is being offered as a condominium deconversion opportunity under Section 15 of the Illinois Condominium Act. The 80-unit four plus one style, elevator building is comprised of 40 studios, 40 1Bd/1Ba units, and 40 deeded parking spaces.

Of the 80 condominiums, 39 units are owned in bulk by one entity. In addition, nearly 70% of the condominiums are currently renter-occupied. Furthermore, approximately 78% of the association has already indicated their desire to participate in a bulk sale. Please note, all offers will be subject to a vote by the HOA members.

The Property features one passenger elevator, 800-amp electric service, six coin-operated washers and dryers, two Mighty-Therm boilers, an A.O. Smith hot water heater (2015), two 250 gallon storage tanks, vinyl windows (2005), and original plumbing fixtures.

Please visit the property vault to view available unit images and current lease agreements. A detailed rent roll can be found on page 37.

HIGHLIGHTS
  • Rarely available 80-unit condominium deconversion opportunity in premier East Lakeview location
  • 78% of the association has already indicated their desire to participate in a bulk sale
  • Nearly 70% of the condominiums are currently renter-occupied
  • Property is comprised of 40 studios, 40 1Bd/1Ba and 40 parking spaces
  • All offers will be subject to a vote by the HOA members
LISTING BROKERS
Doug Imber
President
773.305.4902
Brian Kochendorfer
Managing Director
773.305.4870
Courtney O'Keefe
Associate
773.305.4868