Essex Realty Group, Inc. is proud to exclusively market for sale 821 W. Newport Avenue. The Subject Property is a six (6) unit greystone building located just west of Halsted in Chicago’s Lakeview neighborhood. The building is comprised of five (5) 2Bd/1Ba units, and one (1) 3Bd/2Ba duplex-down unit, ranging in size from approximately 650 to 1,150 square feet.
Although the level of finishes vary between units, each has been well maintained. As the enclosed rental survey indicates, current apartment rents are materially below market. For example, non-rehabbed 2Bd/1Ba units average $1,663/mo. Nearby, competing apartments achieve more than $1,950/mo. for similar unrenovated units. Similarly, recently renovated 2Bd/1Ba apartments achieve rents of $200-300/month greater than unrenovated rents. In all, if an investor were to cosmetically upgrade the apartments, approximately $14,000 of additional annual income could be realized.

821 W. Newport Ave. is well located equidistant from the Belmont Red/Purple/Brown Line CTA Station & the Addison Red Line CTA Station providing direct access to Chicago’s downtown. The Property’s proximity to public transportation, the Lakefront, and many dining & nightlife options makes it an ideal location for residents.