ON MARKET – MULTI-FAMILY
1625 W. Greenleaf Ave. Chicago, IL 60626
NEIGHBORHOOD
Rogers Park
PRICE
$2,069,000
NUMBER OF UNITS
13
CAP RATE
5.01%
PROPERTY LISTED

Essex Realty Group, Inc. is pleased to present 1625 W. Greenleaf Ave., a thirteen-unit "L" shaped walk-up located in the East Rogers Park neighborhood of Chicago. The property has been under the same ownership for over 20 years and was well maintained during its tenure.

The building's unit mix consists of six (6) one-bedroom / one-bathroom, four (4) two-bedroom / one-bathroom, and three (3) three-bedroom / one-bathroom apartments. Over the years, several units were moderately renovated with updated kitchens and bathrooms (cabinetry and stone countertops). The units feature hardwood flooring throughout the apartments, decorative fireplaces, wood trim, and crown molding, and six layouts include a separate dining room.

Heat is provided to all the apartments via a newer Smith boiler that is monitored by an R&D Electronics control system, and domestic hot water is provided by a State hot water heater.

1625 W. Greenleaf is an extremely low-maintenance property with very manageable expenses. Based on comparable properties in the area, the subject's rents are far below the market, and the property offers a new owner multiple value-add opportunities. With the favorably sized units and an unprecedented demand for housing in this East Rogers Park location, a new owner can achieve tremendous future upside.

LOCATION DETAILS

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.

Also of great impact to the Rogers Park neighborhood is the explosive growth in enrollment at Loyola University. The University’s Lake Shore Campus is just steps away from the subject property and is home to over 16,000 students and 1,000 faculty members. Eighteen of Loyola University’s nineteen residence hall buildings are located in the Edgewater and Rogers Park neighborhoods, prompting established retailers and eateries to open convenient locations along the campus’ perimeter.

HIGHLIGHTS
  • East Rogers Park Location
  • 13-Unit Walk-Up Building
  • Layouts Feature 1/2/3 Bedroom Apartments
  • Current Rents are Significantly Below Market
  • Extremely Well Maintained Property
LISTING BROKERS
Steven Livaditis
Principal
773.305.4840
Jacob Goldstein
Director
773.305.4896