ON MARKET – MULTI-FAMILY
4540 N. Ravenswood Ave. Chicago, IL 60640
NEIGHBORHOOD
Ravenswood
PRICE
$4,650,000
NUMBER OF UNITS
10
CAP RATE
4.77%
PROPERTY LISTED

Essex Realty Group, Inc. is exclusively engaged to market for sale 4540 N. Ravenswood Ave, located in the highly desirable Ravenswood neighborhood of Chicago, Illinois. This ten-unit, new construction, boutique-style building is comprised of one, two, and three-bedroom luxury apartments with simplex, bi-level, or tri-level floorplans. Additionally, please note that the building also houses a 450SF “Building Office” that is equipped with full bathroom and shower.

This unique property was delivered in July of 2019 and was extremely well built by a prominent local developer. The exterior facade of the property is corrugated steel, and aluminum composite panels. All the interior walls were fully insulated with closed-cell foam, and 14 inches of cellulose soundproofing was installed between each floor. The custom kitchens feature an open floorplan with maple shaker or hickory cabinetry, quartz countertops, and a high-end stainless-steel appliance, and faucet package, including built-in microwaves and dishwashers. Bathrooms were designed with walk-in showers with frameless glass surrounds, quartz countertops, ADA compliant porcelain bathroom tiles, and Toto toilets. All units have vinyl wood plank throughout, in-unit laundry, individual HVAC, and either have private patios, balconies, or outdoor rooftops. Three units have tankless hot water heaters, while the remaining seven units have individual domestic hot water heaters. The building also has a three-car garage and two exterior parking spaces.

The building is centrally located within the neighborhoods of Ravenswood and Lincoln Square, which offer remarkable restaurants, retailers, fitness gyms, and nightlife. The Montrose Brown Line Station is only one block from the property, therefore providing tenants with easy access to downtown Chicago.

LOCATION DETAILS

The subject property is conveniently located in the Ravenswood neighborhood which is considered by many a Class-A market in Chicago. Ravenswood has seen real estate values skyrocket in the past decade, making it one of the highest valued markets in the City of Chicago. Ravenswood is well known for its quiet tree-lined streets, spacious lawns, extra-large front property setbacks, and beautiful residential architecture. Many of the homes that were built in the early 1900s are still around today. These neighborhood properties stand side-by-side with rehabbed single-family homes, new construction single-family homes, and new construction condominiums.
Ravenswood residents enjoy a variety of shops and restaurants, from trendy boutiques to family-owned eateries. Ravenswood avenue has a number of vintage buildings that were used as machine shops or other forms of industrial businesses throughout the 1900’s. Some of these buildings are still being used for industrial business purposes but many have been converted into offices, lofts, and artist spaces. Many art studios, restaurants, and antique shops have been spotted along this unique street.
The subject property is just a 3-minute walk to the newly developed 80,000 SF Mariano’s and LA Fitness. Built in 2014, Mariano’s has brought 600 jobs to the Ravenswood community. The subject property is located a half mile west of Aragon Ballroom and Riviera Theater in the adjacent neighborhood of Uptown. The Aragon Ballroom and Riviera Theater host some of the top musicians in the industry and both are recognized as some of Chicago’s most popular music venues. Additionally, a few blocks north of the subject property is the Andersonville neighborhood. Andersonville is home to the Clark street shopping district which is comprised of some of the most unique shops and restaurants in all of the city.

HIGHLIGHTS
  • Trophy asset in the highly desirable Ravenswood location
  • New construction, boutique apartment building with bi-level and tri-level floorplans
  • Luxury one/two/three-bedroom apartments featuring private outdoor space (patio, balcony, rooftop)
  • Intelligently designed interiors with modern amenities and parking
  • Walking distance to the Metra Brown Line
LISTING BROKERS
Steven Livaditis
Principal
773.305.4840
Reuben Blackman
Associate
773.305.4848