ON MARKET – MULTI-FAMILY
3023, 3043 & 3048 West Cortland Street Chicago, IL 60647
NEIGHBORHOOD
Logan Square
PRICE
$13,450,000
NUMBER OF UNITS
68
CAP RATE
2.32%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 3023, 3043 and 3048 West Cortland Avenue, The Cortland Corner, located in Chicago’s popular Logan Square neighborhood. The Cortland Corner is an extremely rare opportunity to purchase three corner buildings with 68 total units. 3023 W Cortland includes 15 units, along with the neighboring two flat at 1853 North Whipple and the adjacent vacant lot to the south, which houses 10 parking spaces. 3043 West Cortland includes 24 units, and 3048 West Cortland includes 29 units. All three buildings are primarily comprised of 1 and 2 bedroom apartments.

The properties’ units are a mixture of predominately vintage and lightly updated kitchens and bathrooms. All apartments feature separate individual gas furnaces and hot water heaters, along with common laundry in the basement. A once-in-a-lifetime opportunity exists for an investor to purchase three large corner buildings in Logan Square and renovate the properties to feature brand new kitchens, baths, HVAC, and laundry in-unit.

The properties are located on the northwest, southeast and southwest corner of Cortland Avenue & Whipple Avenue, only one block south of Armitage Avenue, a popular street in Logan Square that is overflowing with local bars and restaurants. Nearby is Palmer Square, the 400-foot-wide green space link between Humboldt Boulevard and Kedzie Boulevard as part of the Logan Square Boulevard National Historic District. The property is also located just under one mile from both the Western & California Blue Line CTA Stations and numerous bus stops, providing tenants with excellent public transportation options.

LOCATION DETAILS

RICH HISTORY: Logan Square is located approx. 3 miles northwest of Chicago’s Loop. In the past few years the area has enjoyed booming growth in population and popularity with Chicago’s residents, as evidenced by the opening of a variety of new retail developments and popular new bars and restaurants. Known for its historical architecture, scenic boulevards, and expansive parks, Logan Square is regularly regarded as one of Chicago’s most sought after neighborhoods.

PRIME LOCATION: The properties are located on the northwest, southeast and southwest corner of Cortland Avenue & Whipple Avenue in the heart of Logan Square, only one block south of popular Armitage Avenue where residents can enjoy the overflowing local bars and trendy restaurants. Two blocks north is Palmer Square Park, a 400-foot-wide green space linking Humboldt Boulevard and Kedzie Boulevard which are a part of the National Register of Historic Places. The Cortland Corner is less than one mile to both the California & Western Blue Line CTA Stations and numerous bus stops, providing excellent public transportation options.

HIGHLIGHTS
  • 3023 W Cortland: $2,800,000, 3043 W Cortland: $4,800,000, 3048 W Cortland: $5,850,000
  • 3023 W Cortland: 15 Units, 3043 W Cortland: 24 Units, 3048 W Cortland: 29 Units
  • Offered as a Portfolio or Individually
  • Rare Opportunity to Scale in Fast Growing Neighborhood
  • Individual Furnaces in Every Apartment
  • Spacious 1 & 2 Bedroom Units; Current Average Rents < $1,000
  • Less Than One Mile to Western & California Blue Line Stations
  • Property Tour Dates: October 7, 12 & 14
LISTING BROKERS
Jim Darrow
Principal
773.305.4920
Jordan Gottlieb
Principal
773.305.4922
Jordan Multack
Director
773.305.4884