Essex Realty Group, Inc. is pleased to announce the sale of 7416 N. Rogers Ave., a 6-Unit multi-family property (plus one (1) non-conforming unit) in the Rogers Park neighborhood of Chicago. The subject property offers spacious 2 Bd/1 Ba layouts accompanied by three (3) exterior parking spaces. The building has received significant capital improvements that include a new boiler, cosmetic interior unit improvements and concrete repairs to the exterior walkway.
The subject property offers an investor the opportunity to acquire a property with significant rental upside. A new owner has the opportunity to make minor updates to substantially increase rents. For example, the two-bedroom units at the subject property rent for $1,188/month (average), while updated two-bedroom units in the immediate area rent for $ $1,425 (approx. 20% increase).
The property is conveniently located steps from Howard CTA Station, which provides accessibility to Chicago’s central business district and surrounding neighborhoods. The property is also situated next to 10-acre Pottawattomie Park and 7-acre Touhy Park providing residents with ample green space and recreation options.
Essex successfully launched a broad marketing campaign and was able to find a buyer who purchased the property through not one but a four property 1031 exchange. The buyer, a local investor, plans to make minor cosmetic updates to the units and increase rents over time.
Known for its beaches, vintage apartments, cultural diversity, and Loyola University, Rogers Park is one of Chicago’s most robust lakefront communities. Just ten miles North of Chicago’s Central Business District, Rogers Park has convenient transportation to and from the city including four CTA “L” stops (Loyola, Morse, Jarvis, & Howard stops); one Metra Train stop at Lunt Avenue; five local bus lines; and the Howard Bus and “L” terminal which is the starting point for north suburban travel.
Rogers Park, boasting a population of just over 60,000 people, stretches along Lake Michigan between Devon and Howard and runs west to Ridge Avenue. The neighborhood is home to over 130 restaurants and just as many diverse retail offerings along its central corridors and quaint, tree-lined streets. In the last few years, the community has seen significant appreciation in multi-family properties sparked by a rising population of young business professionals and families moving to the area to take advantage of the neighborhood’s rich culture, intimate setting, and attractive housing.
- All Spacious 2 Bd/1 Ba Layouts
- Excellent Value-Add Opportunity through Moderate Cosmetic Improvements
- Capital Improvements include New Boiler, Cosmetic Interior Unit Improvements and Concrete Repair to Exterior Walkway
- Three (3) Exterior Parking Spaces
- Steps from Howard CTA Station – Red, Purple and Yellow Line