1521 & 1608 West Sherwin Avenue are vintage corridor style apartment buildings located within one block of one another in Chicago’s vibrant Rogers Park Neighborhood. The Subject Properties are being offered as a package and consist of fifty-five apartments in 1521 W. Sherwin and eighty-three apartments in 1608 W. Sherwin.
The Properties are conveniently located two blocks west of Sheridan Road and one block south of the Jarvis Avenue “El” station that provides direct access to downtown Chicago.
The Subject Properties offer a unique opportunity to acquire 138 apartments in a vibrant, well-located neighborhood. In addition, there is currently a large management office located in the 1608 W. Sherwin building. A new owner may choose to manage both properties, or even their entire portfolio from this central location.
The Properties went through a protracted (approximately 4 years) foreclosure process. Clear title was eventually obtained, and the current owners have spent the past year curing deferred maintenance issues and addressing building code violations. As a result the apartment rents have remained relatively flat and are materially below market. For example, at 1521 W. Sherwin the average 1Bd/1Ba rents for $760/month, while nearby apartments achieve $875-$950/month. Similarly, at 1608 W. Sherwin the average studio rents for $691/month while nearby apartments achieve $750-$800/month. Additionally, there is an opportunity for a new owner to create value by renovationing the units and moving the rents appropriately.
- 25 Tours in 3 Weeks
- 8 Competitive Offers
- 68 Studios, 66 1Bd/1Ba, 3 2Bd/1Ba, 1 Office Space
- 8.83 GRM & 6.49% Cap Rate