Connect CRE Chicago

Six-Flat with Upside Potential Trades in Roscoe Village

November 04, 2021

Essex Realty Group recently facilitated the sale of 1940 W. Addison St. in the North Side’s Roscoe Village neighborhood. A local investor acquired the brick center-entrance six-flat for $1,535,000.

The seller, a local investor, hired the Essex team of Doug Imber, Kate Varde, Jaimie Steinher and Dan Shepherd to market the property for sale. Shepherd represented the buyer.

Of the six units, three were recently updated with stainless steel appliances, modern cabinetry, granite countertops, and renovated bathrooms. The property presented multiple value-add strategies including a proven strategy for updating the remaining units and raising rents to capture significant rental upside.

“1940 Addison was an exceptional location, positioned just west of Wrigleyville, just south of North Center, and in the heart of Roscoe Village,” said Shepherd. “The long-term owner was a wonderful steward to the property, but the units are now ready to be brought to the next level.”

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Tagged in this post: Doug Imber , Kate Varde