Essex Realty Group, Inc. is pleased to announce the sale of 7733-7735 N. Hermitage Ave., a center entrance six-unit apartment building located in the East Rogers Park neighborhood of Chicago. The property was under the same ownership for over 35 years and was well maintained during its tenure while preserving the building’s vintage detail and charm. The building’s unit mix consists of four (4) large three-bedroom one-bathroom layouts and two (2) large two-bedroom one-bathroom layouts. All apartments include oversized family rooms, front sunrooms, and rear outdoor porches. The two-bedroom layouts also feature an additional formal dining room. The apartments feature hardwood flooring throughout, and the kitchens and bathrooms have been moderately updated over the years with standard finishes. Notable improvements to the building include a mix of copper and galvanized plumbing throughout, separately metered electricity, and two recently replaced hot water heater in 2019. Heat is provided to all the apartments via a Peerless Boiler and is an owner-paid expense.
Essex led an extensive marketing campaign resulting in more than 14 tours and multiple written offers. The property sold within 92% of the list price to a local investor.
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. In the last few years, the community has seen significant appreciation in multi-family properties sparked by a rising population of young business professionals and families moving to the area to take advantage of the neighborhood’s rich culture, intimate setting, and attractive housing.
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. Recently crowned the largest Jesuit university in the United States, Loyola University is consistently named a ‘best value’ school by U.S. News & World Report. 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.
- East Rogers Park Location
- Well Maintained Center Entrance Six (6) Unit Building
- First Time Trading Hands in Over 35 Years
- 3 Bed / 1 Bath & 2 Bed / 1 Bath Layouts
- Current Rents are Significantly Below Market
- Multiple Written Offers
- Competitive Bidding Process
- Sold within 92% of the List Price