ON MARKET – MULTI-FAMILY
5054 N. Winthrop Ave. Chicago, IL 60640
NEIGHBORHOOD
Uptown
PRICE
$6,799,000
NUMBER OF UNITS
48
CAP RATE
5.52%
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively engaged to market for sale 5054 N. Winthrop Ave., a substantial 48-unit apartment building in the Uptown neighborhood of Chicago. The current owner has applied for, received, and maintained a Class 9 special tax designation on this property providing a new investor with the opportunity to acquire an extremely well-maintained building, steps from public transportation and Lake Michigan, with significant tax benefits (see page 7).

The subject property includes (47) 1 Bed 1 Bath units and one (1) 2 Bed 1 Bath unit featuring hardwood floors, laminate countertops, black appliances, and in-unit furnaces. The common areas are well designed and feature a spacious laundry room on the first floor as well as a clean lobby with a separate entrance atrium for mail. An opportunity exists for an investor to increase rents significantly in as-is condition and to maintain the Class 9 special property designation to keep taxes reduced.

Located on a beautiful tree-lined street on the west side of Winthrop Avenue, just east of Broadway, the Subject Property is conveniently situated steps from the Argyle CTA Red Line Stop and multiple bus stops along Broadway. In addition, the neighborhood offers access to an abundance of local restaurants and retailers and sits along the Lake Michigan beachfront providing easy access to all of Uptown's residents.

LOCATION DETAILS

Located on the shores of Lake Michigan, Uptown was originally developed as an affluent resort area that served as a tranquil oasis away from the hectic city life. It was a popular destination for movie stars of Chicago’s silent film era which is evidenced by the numerous destinations for music and the arts. Landmarks like the Aragon Ballroom, Riviera Theater, Uptown Theater, and Green Mill Jazz Club hold deep historic, architectural, and cultural significance and are still frequented today.

Situated roughly six miles North of Chicago's Central Business District, Uptown offers residents a charming community of tree-lined streets while still being within close proximity to downtown Chicago. Uptown is located just North of Lakeview and East of Ravenswood allowing residents to enjoy the great qualities these neighborhoods have to offer. Uptown is mostly residential containing six-flats, single-family homes, and courtyard apartment buildings. The nearby Montrose harbor and Montrose beach make lake and park access easy for residents.

HIGHLIGHTS
  • Excellent Uptown Location Within Steps of the Argyle Redline Station and Lake Michigan
  • All Main Building Systems (Electric, Plumbing, Windows, Roof etc.) Replaced Approx. 2010
  • Special Assessment – Class 9 Designated Property Offers 50% Reduction in Tax Assessments
  • 47 One Bedroom Apartments and 1 Two Bedroom Apartment
  • Low-Maintenance Investment Opportunity
LISTING BROKERS
Abe Eilian
Director
773.305.4882
Matt Feo
Director
224.305.4102