UNDER CONTRACT – MULTI-FAMILY
640 & 656 W. Wrightwood Ave. Chicago, IL
NEIGHBORHOOD
Lincoln Park
PRICE
Call for details
NUMBER OF UNITS
107
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 640 & 656 W. Wrightwood Ave. ("the Properties"), located in Chicago's highly sought after Lincoln Park neighborhood. The Properties are both vintage, corridor-style, elevator buildings built in approximately 1932. Both buildings have been owned by the same entities for over 50 years, providing investors with the unique opportunity to acquire two rarely available trophy assets located steps apart.

640 & 656 W. Wrightwood Ave. feature spacious studio and one bedroom apartments with older finishes including carpet and vinyl flooring; kitchens with white appliances, laminate countertops, and wood cabinetry; baths with original ceramic tile floors, newer ceramic tile shower surrounds, and laminate vanities with fiberglass tops; and radiator heat. Current monthly at each property are $275 to $300 below market. For example, studios at the properties average $735 per month, whereas comparable vintage studios are renting for $1,000 per month and renovated studios are renting for $1,225 per month.

Each property features elevator service, 800-amp electric service, coin-operated laundry, an A.O. Smith hot water heater and storage tank, original plumbing fixtures, and original Pacific steel boilers.

640 & 656 W. Wrightwood Ave. are being offered individually or as a portfolio. However, all portfolio offers must include pricing for each individual asset.

LOCATION DETAILS

.

HIGHLIGHTS
  • Premier Location: Extremely rare opportunity to acquire immediate scale in one of Chicago's most desirable neighborhoods.
  • Rarely Available: 640 & 656 W. Wrightwood Ave. are available for the first time in over 50 years. The properties are being offered individually or as a portfolio.
  • As-Is Rental Upside: Monthly rents at both properties are $275 to $300 below market on average (see rental analysis and comp survey on pg. 6 and 42).
  • Rehab Opportunity: If a new owner elected to renovate the Properties, there is a monthly rental premium of $500 to $625 per unit.
LISTING BROKERS
Doug Imber
President
773.305.4902
Kate Varde
Principal
773.305.4908
Clay Maxfield
Director
773.305.4852