Essex Realty Group, Inc. has been exclusively engaged to market for sale 6967-6977 N. Bell Ave., a 28-unit courtyard apartment building located in Chicago’s Rogers Park neighborhood. The building consists of 6 one bedroom/one bathroom and 22 two bedroom/one bathroom apartments.
The units feature hardwood floors, stainless steel kitchen appliances, granite or quartz countertops, and radiator heat. The apartment rents are materially below market. For example, the large two-bedroom units average $1,475, while the market rents for competing units are $1,700.
The current loan is available for assumption and would provide a new buyer with outsized cash flow and returns. A new investor may elect to assume the Chase loan at 4.14% interest. Specific details are on page 8 of this offering memorandum.
6967-6977 N. Bell Ave. is situated on the southeast corner of Bell and Lunt Avenues in Rogers Park, just steps from Warren Park and four blocks from the Rogers Park UP-N Metra Station.
Rogers Park is Chicago’s northern-most lakefront neighborhood. Spanning from Devon Avenue to Howard Street, Rogers Park is home to more than 55,000 residents, 72% of whom are renters. In addition, Rogers Park has virtually no new market rate housing developments in its pipeline, unlike Chicago’s other lakefront neighborhoods, adding a layer of protection to apartment investors.
- 28-Unit Courtyard Apartment Building
- Unit Mix: (6) 1Bd/1Ba, (6) 2Bd/1Ba, (16) 2Bd/1Ba - L
- 2Bd/1Ba Average $1,475/mo. - Well Below Market
- Four blocks from the Rogers Park UP-N Metra Station