UNDER CONTRACT – MULTI-FAMILY
1637-41 W. Estes Ave. Chicago, IL 60626
NEIGHBORHOOD
Rogers Park
PRICE
Call for details
NUMBER OF UNITS
19
PROPERTY LISTED

Essex Realty Group, Inc. is pleased to present 1637-41 W. Estes Ave., a nineteen-unit "L" shaped walk-up located in the East Rogers Park neighborhood of Chicago. The property has been under the same ownership for over 30 years and has been meticulously maintained during its tenure.

The building consists of nineteen (19) spacious one-bedroom / one-bathroom apartments with four unique floorplans. Six of the units feature extremely large separate dining rooms that may easily be converted into two-bedroom apartments. Additionally, over the years, the owner has updated units on a "need-basis," with five of the apartments being completely renovated.

In recent years, the property has prospered by an extensive amount of capital improvements dedicated to the property. Some of the notable improvements include new electrical service and wiring throughout (2017), new windows (2012), new modified bitumen "tear-off" roof (2014), new boiler (2012), new rear porches (2012), and tuckpointing (2015). Heat is provided to all the apartments via a peerless boiler, and domestic hot water is provided by an American Standard hot water heater.

1637-41 W. Estes Ave. is an extremely low-maintenance property with very manageable expenses. Based on comparable properties in the area, the subject's rents are arguably 25% below the market. The property also 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
  • 19-Unit Walkup
  • Extremely Well Maintained and Family-Owned for 30+ Years
  • 1 Bed / 1 Bath Layouts with 2-Bed Conversion Opportunity
  • Current Rents are 20%+ Below Market
  • Recent Capital Improvements Include New Wiring Throughout (2017), Windows (2012), Modified bitumen "Tear-Off" Roof (2014), New Boiler (2012), Replaced Rear Porches (2012), and Tuckpointing (2015)
LISTING BROKERS
Steven Livaditis
Principal
773.305.4840
Jacob Goldstein
Director
773.305.4896