UNDER CONTRACT – MULTI-FAMILY
846 N. Hoyne Ave. Chicago, IL 60622
NEIGHBORHOOD
West Town
PRICE
Call for details
NUMBER OF UNITS
6
PROPERTY LISTED

Essex Realty Group, Inc. is exclusively engaged to market for sale 846 N. Hoyne Ave. ("the Property"), a 6-unit, walk-up apartment building located in the popular West Town neighborhood of Chicago. The Property is situated steps from multiple CTA bus stops and 0.65 miles from the Western Metra Station.

846 N. Hoyne Ave. is comprised of six (6) 1Bd+Office/1Ba apartments. The building features gas forced air, individual hot water heaters, updated 600 amp electric service, coin-operated laundry, and rear porches replaced in 2015. Each apartment features hardwood floors, vintage details, white appliances, wood cabinetry, and laminate countertops. Several units also feature private front balconies and original built-in hutches.

The Property presents investors with substantial rental upside and multiple value-add opportunities. There is potential for a new owner to to bring rents to market without making material updates to the property. For example, units at the building currently average $1,315/month, while nearby vintage units rent for more than $1,425/month. Alternatively, investors may elect to renovate the units with new kitchens, updated baths, and in-unit laundry to achieve premium market rents. Renovated one bedroom units in the neighborhood rent for $1,650-$1,900/month.

LOCATION DETAILS

.

HIGHLIGHTS
  • 6-unit walk-up apartment building in highly desirable West Town location
  • Substantial as-is rental upside and multiple value-add opportunities
  • Current rents avg. $1,315/month; As-is market rents avg. over $1,425/month
  • Renovated nearby units rent for between $1,650-$1,900/month
  • One block north of the vibrant Chicago Avenue commercial corridor
  • Steps from multiple CTA bus stops and 0.65 miles from the Western Metra Station
LISTING BROKERS
Doug Imber
President
773.305.4902
Kate Varde
Principal
773.305.4908
Jaimie Steinher
Director
773.305.4916