ON MARKET – MULTI-FAMILY
1651 N. Francisco Ave. Chicago, IL 60647
NEIGHBORHOOD
Logan Square
PRICE
$1,350,000
NUMBER OF UNITS
5
CAP RATE
6.09%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 1651 N. Francisco Ave. located in the Logan Square neighborhood of Chicago. The subject property consists of five (5) apartments (3-flat plus 2-unit coach house). This well-positioned asset is within steps of the 606 Trail, 207-acre Humboldt Park and an abundance of restaurants along North Avenue.

The property consists of an attractive unit mix of two (2) 2 Bd/1 Ba units, two (2) 3 Bd/2 Ba units and one (1) 4 Bd/2 Ba unit. Each unit has been meticulously rehabbed and features new floors, cabinetry, granite or quartz countertops, stainless steel appliances, tile backsplashes and in-unit laundry.

The subject property offers an investor the opportunity to acquire a well-performing asset with significant rental upside. By making minor updates such as adding central air conditioning, an investor can substantially increase rents. For example, rent comparables with central air conditioning in the immediate area support an average increase of $326 (a 17% 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 residents, 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 the northeast side of a tree-lined block on North Francisco Avenue & West Wabansia Avenue. The natural beauty of ever-popular Humboldt Park and Bloomingdale Trail surrounds this property. The property is also located less than 1 mile from both the Western Blue Line CTA Station and in close proximity to numerous bus stops.

HIGHLIGHTS
  • Vibrant Logan Square Location
  • Attractive Unit Mix of 2-Bed, 3-Bed and 4-Bed Layouts
  • Each Unit Has Been Extensively Rehabbed to Feature New Floors, Countertops, S/S Appliances and In-Unit Laundry
  • By Making Minor Updates such as Adding Central Air Conditioning, an Investor Can Substantially Increase Rents
  • Steps from the 606 Trail, 207-Acre Humboldt Park and an Abundance of Restaurants Along North Avenue
LISTING BROKERS
Abe Eilian
Director
773.305.4882
Brian Mond
Director
312.662.9590