Essex Realty Group, LLC has been exclusively engaged to market for sale 843 N. Leavitt St., a beautifully renovated, true condo quality six-unit apartment building located in the heart of Chicago’s highly sought-after Ukrainian Village neighborhood. This classic walk-up underwent a comprehensive gut renovation in 2020, transforming it into an exceptional turn-key, low-maintenance investment opportunity. Major Capital Improvements can be found in the Mechanicals section on page 9 of the Offering Memorandum.
The property offers a desirable and versatile unit mix with newly designed open floor plans, including three (3) 2 Bed/1 Bath units, one (1) 2 Bed/2 Bath unit, and two (2) 3 Bed/3 Bath Duplex units.
Situated just one block from Chicago Avenue, the Subject Property offers resident convenient access to both the Damen Avenue and Chicago Avenue bus lines. The location is exceptionally walkable, just steps from Mariano’s Supermarket, as well as many popular Chicago Avenue destinations, such as Tuman’s Tap & Grill, All Together Now and Dicey’s Pizza & Tavern.
SIGNIFICANT VALUE-ADD OPPORTUNITY
Current Rents at the Subject Property are dramatically below market in their as-is condition, offering a compelling value-add opportunity through simple lease turnover. For example:
– The Average Rent for the 2 Bed/1 Bath units is currently $2,010/month, while units of similar size and quality in the immediate area are renting for $2,550/month or more.
– The Average Rent for the 3 Bed/3 Ba Duplex units is currently $2,700/month, while units of similar size and quality in the immediate area are renting for $3,750/month, or more.
These rent increases could amount to an approximate 27% increase in annual rental income, without any further capital investment.
843 N. Leavitt St. presents investors with a rare opportunity to acquire a fully updated, condo-quality asset with immediate and significant rental upside, in one of Chicago’s most supply-constrained and sought-after submarkets.
The West Town neighborhood of Chicago is located less than three miles from the Chicago Business District and offers views of Chicago’s skyline from most parts of the neighborhood. West Town boundaries are Division Street to the north, the Kennedy Expressway to the east, Grand Avenue to the south and California to the west.
In the 1960s, the construction of the Kennedy Expressway initiated a radical change to West Town, as the expressway dramatically improved accessibility to the neighborhood. In the early 1980s, urban pioneers began moving to the area, but it wasn’t until after the turn of the 21st century that West Town saw a sharp influx of artists and young business professionals.
West Town benefits by being surrounded by several notable Chicago neighborhoods. Located at its northern border is Wicker Park, which was recently ranked by Forbes as the 4th hippest neighborhood in the nation. At its western border is Humboldt Park, which also recently received national recognition when it was named America’s 10th hottest neighborhood by Redfin. In addition, West Town benefits by being located within very close proximity to the West Loop, which is currently undergoing a transformation into a tech company hub. Companies such as Google, Twitter and LinkedIn all have decided to make the West Loop their Chicago home, bringing many well-paying jobs to the area.
Today, West Town is rapidly changing and becoming one of Chicago’s most desirable neighborhoods, offering an array of colorful galleries and museums, independent theaters, quaint coffee shops, and a booming restaurant and nightlife scene.
- True Condo-Quality Gut-Rehab
- Rents Significantly Below Market (~$600+ Per Unit/Month, As-Is)
- Efficient, Low-Maintenance/Low-Expense Building
- Desirable & Versatile Unit Mix
- Steps to Chicago & Damen Avenue Bus Lines, Mariano’s Supermarket, and Chicago Avenue Restaurants