Yellow Brick Hermosa Building Hits the Market for $1.695M
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. has been selected to exclusively market the sale of 1618-20 N. Tripp Avenue, an apartment building located in Chicago’s Hermosa neighborhood.
The attractive L-shape walkup property is comprised of 12-units, seven of which have been recently remodeled with high-end finishes. The remaining five include standard rental finishes. The unit mix consists of six one-, five two-, and one three-bedroom apartments. Investment strategies include operating the deal as-is and raising rents to market level, converting two of the east tier layouts to add an additional bedroom, remodeling kitchens and bathrooms in the five original apartments, and charging tenants for parking in the 13-space adjacent lot which has potential to yield a great deal of additional income.
Situated on the west side of Tripp Avenue, the building is just a short walk from North Avenue and downtown Hermosa. Tenants have a robust selection of local restaurants, bars & boutiques. Additionally, the parcel is located a mere quarter of a mile east of the Grand/Cicero Metra Station, servicing the Milwaukee District/West Line as well as multiple bus stops and Divvy stations.
Hermosa is located just west of Logan Square and is anchored by Hermosa Park on North Kilbourn Avenue near the northern edge of the community. Residents frequent the park, which offers tennis courts, jogging paths, walking trails, and the park’s fieldhouse which hosts various recreational activities. Most of the Hermosa population resides along quiet, tree-lines streets that primarily consist of single-family homes.
The property and land parcel are being offered for $1,695,000 by Essex team of Steven Livaditis and Jacob Goldstein.