ON MARKET – MULTI-FAMILY
5638-42 N. Kimball Ave. Chicago, IL 60659
NEIGHBORHOOD
North Park
PRICE
$2,150,000
NUMBER OF UNITS
13
CAP RATE
5.25%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 5638-42 N. Kimball Ave., a 13-unit brick walk-up building located near the intersection of Kimball and Bryn Mawr Avenue in the North Park neighborhood of Chicago.

The current unit mix consists of ten (10) 1 Bd/1 Ba and Three (3) 2 Bd/1 Ba apartments with separate formal dining rooms. Units feature hardwood floors, granite and laminate countertops, stainless steel and white appliances, and radiator heat. Additionally, the building has had extensive capital improvements that include a new roof, boiler, and windows.

This is an excellent opportunity for an investor to acquire a well-maintained multi-family property with significant rental upside. The current rents are averaging approximately 16% below the market rate, allowing a new owner to capitalize on raising the rents and operating the property as-is. Furthermore, for a significant yield increase, all thirteen apartments feature large dining rooms that can be converted to additional bedrooms.

LOCATION DETAILS

5638 N. Kimball Ave. is steps from many retailers and restaurants along Bryn Mawr Avenue and Kedzie Avenue. Additionally, the subject property is situated steps to a sub-neighborhood of Albany Park called North Park. North Park has become an increasingly popular destination for families and young professionals to reside. Northside College Preparatory High School is just a mile north of the subject property. Northside has earned a reputation for academic excellence and has been consistently ranked as the #1 high school in Illinois by US News and World Report. This Chicago neighborhood is home to two universities, Northeastern and North Park, and is also the site of WTTW public television and radio studio. Its proximity to both Northeastern and North Park University’s campuses makes it a convenient residence for both students and faculty alike. In addition, the Kimball CTA station is within walking distance the subject property. The Brown line passes through frequently providing residents with seamless accessibility to commute throughout the Chicagoland area.

HIGHLIGHTS
  • Premier North Park Location
  • Walking Distance to North Park University & Northeastern Illinois University
  • Many Recent Improvements - New Roof, Boiler, and Windows
  • Spacious One and Two-Bedroom Layouts with Formal Dining Room; Upside to Add an Additional Bedroom
  • Excellent Value-Add Opportunity
LISTING BROKERS
Matt Feo
Director
224.305.4102
Anthony Citriglia
Director
773.305.4844