Essex Realty Group Announces Sale of 16-Unit Rogers Park Apartment Building
CHICAGO, IL – Essex Realty Group, LLC announced the successful sale of 7319 N. Rogers Avenue, a 16-unit walk-up apartment building located in Chicago’s Rogers Park neighborhood, for $2,462,500. The property features renovated apartments, supplemental income streams, and additional value-add opportunities.
Essex Realty Group Managing Director Rick Ofman and Associate Tim Kavanaugh exclusively represented the seller in the transaction.
Transaction Summary
| Sale Price | $2,462,500 |
|---|---|
| Property | 7319 N. Rogers Avenue |
| Neighborhood | Rogers Park |
| Property Type | Multifamily walk-up apartment building |
| Unit Count | 16 units |
| Representation | Seller representation by Essex Realty Group |
| Transaction Team |
Rick Ofman, Managing Director – Seller Representation
Tim Kavanaugh, Associate – Seller and Buyer Representation
|
Property Overview
The 16-unit walk-up building consists of sixteen one-bedroom, one-bathroom apartments. Since 2018, 15 of the units have been renovated, providing a largely updated apartment offering in Chicago’s Rogers Park neighborhood.
Along with its renovated apartments, the property offers supplemental income opportunities and potential for further improvements that could increase revenue under new ownership.
Value-Add Investment Opportunities
The building includes 12 garage spaces, 10 of which currently generate rental income. One space is occupied by a dumpster, while another is reserved for building management. Converting these spaces to rentable parking could provide an additional source of income.
Additionally, the remaining unrenovated first-floor apartment presents an opportunity for increased rental revenue. Based on a comparable unit within the building, renovation could support a projected monthly rent increase of $650.
For example, that increase could generate an additional $7,800 in annual net operating income, representing approximately $109,200 in potential property value at a 7.14% capitalization rate.
Broker Representation
Essex Realty Group Managing Director Rick Ofman and Associate Tim Kavanaugh exclusively represented the seller in the $2,462,500 sale of 7319 N. Rogers Avenue.
Quote from Tim Kavanaugh
“Our team’s deep knowledge of the East Rogers Park multifamily market allowed us to effectively position this asset and identify the right buyer. With strong in-place cash flow and opportunities for strategic capital improvements, the property offered an attractive combination of current yield and long-term upside,” said Associate Tim Kavanaugh.
Rogers Park Location and Neighborhood Amenities
Located in Chicago’s Rogers Park neighborhood, the property benefits from convenient access to public transportation, neighborhood retail, and recreational amenities.
Nearby destinations include the Clark Street retail corridor, Loyola University Chicago, Touhy Park, and the Lake Michigan shoreline. These neighborhood amenities contribute to the property’s appeal to renters seeking convenient access to shopping, education, transit, and outdoor recreation.
Work With Essex Realty Group
Essex Realty Group provides specialized investment sales advisory for multifamily and mixed-use properties throughout Chicago and the surrounding suburbs.
Contact our team to discuss your next multifamily acquisition or disposition.
About Essex Realty Group
Essex Realty Group is a Chicago-based commercial real estate brokerage specializing in the sale and acquisition of mid-market multifamily and mixed-use properties.
Since 1990, the firm has provided investment sales expertise to owners, investors, and developers throughout Chicago and the surrounding suburbs.