Essex Realty Group has been exclusively engaged to market a 49-unit elevator building in Chicago’s Rogers Park neighborhood. The asset, located at 2020 W. Farwell Avenue, has been owned and managed by the same family for over 50 years and is now available for sale.
The property is a 49-unit apartment building featuring 28 one-bedroom apartments and 21 two-bedroom apartments plus 29 parking spots. This property is currently listed by Essex principals Doug Imber and Kate Varde and directors Jaimie Steinher and Dan Shepherd.
“The property has been owned by the same family for more than 50 years. The flexicore construction has held up extremely well, but the kitchens, baths and common areas are all in need of updating,” said Imber. “Based on the initial feedback, a well-located, value-add investment of this size seems to be in the sweet spot of where market demand is today.”
A new owner has the opportunity to improve the physical condition of the units, increase rents and streamline expenses. Plus, there is approximately 5,000 square feet of unused basement space that could be repurposed to a variety of amenity spaces.