ON MARKET – MULTI-FAMILY
3720 W. McLean Ave. Chicago, IL 60647
NEIGHBORHOOD
Logan Square
PRICE
$1,495,000
NUMBER OF UNITS
9
CAP RATE
5.11%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 3720 W. McLean Ave. located in the Logan Square neighborhood of Chicago. The subject property consists of nine (9) apartments (7-unit center entrance plus a 2-unit coach house) with a large yard and two-car garage, situated on an extra-wide lot (50X125). Significant capital improvements include a new layer on the main roof and patched coach house roof completed in 2018.

The property presents an attractive unit mix of eight (8) 2 Bd/1 Ba units and one (1) 3 Bd/1 Ba unit. By making interior updates and adding individual HVAC, an investor can substantially increase rents. For example, the two-bedroom units at the subject property rent for $1,054/month average, while rehabbed two-bedroom units in the immediate area rent for $1,750 average (a 66% increase). The three-bedroom unit at the subject property rents for $1,300 and rehabbed units in the immediate area rent for $2,050 (a 58% increase).

LOCATION DETAILS

RICH HISTORY: Logan Square is located approx. 3 miles northwest of Chicago's Loop. In the past few years the area has enjoyed booming growth in population and popularity with Chicago's resident, as evidenced by the opening of a variety of new retail developments and popular new bars and restaurants. Known for its historical architecture, scenic boulevards, and expansive parks, Logan Square is regularly regarded as one of Chicago's most sought after neighborhoods.

PRIME LOCATION: The property is located on a quiet residential street hidden from the busy main thoroughfare. Armitage Avenue is a gateway east towards bustling Logan Square, as well as West towards the Eisenhower Expressway which leads directly downtown. Public transportation is endless as this property is within walking distance to several major CTA bus routes, Divy Bicycle Station, 2 Metra Lines, as well as the I-50 Expressway.

HIGHLIGHTS
  • Vibrant Logan Square Location
  • Property is Situated on Extra-Wide Lot (50X125)
  • Attractive Unit Mix of 2 Bd/1 Ba & 3 Bd/1 Ba Units
  • Excellent Value-Add Opportunity for an Investor to Capture Significant Rental Upside through Rehab
  • Rehabbed Cap Rate 7.26% and Cash-On-Cash 11.85%
  • Within Minutes of Mozart Park and The 606 Trail
LISTING BROKERS
Abe Eilian
Director
773.305.4882
Brian Mond
Director
312.662.9590