Essex Realty Group has been exclusively engaged to market two value-add buildings in Chicago. The properties include a 25-unit courtyard building in Ravenswood and an eight-unit, mixed-use property in Logan Square.
“Both properties are owned by the same long-term, out-of-state investor seeking to trade into a property closer to his current residence,” said Jim Darrow, Essex principal and listing agent. “Both situated in excellent locations and presenting a value-add opportunity, the two properties are listed individually for sale.”
Located at 4827-4833 N. Wolcott Avenue, the first asset is a 25-unit courtyard apartment building. The property has been listed at $6,250,000 by Darrow, Essex principal Jordan Gottlieb and Essex director Jordan Multack.
The property includes 19 one-bed/one-bath and six two-bed/one-bath units which feature hardwood floors, white or stainless-steel kitchen appliances, separate dining rooms and shared basement laundry. A value-add opportunity exists for an investor to further improve upon the property by upgrading kitchens and baths, adding in-unit laundry and installing individual HVAC systems to each unit.
Secondly, a mixed-use property at 2834 W. Fullerton Avenue/2406-2408 W. Mozart Street features eight apartments and one ground-level commercial space, currently occupied by a barber shop.
Situated in Logan Square, less than one mile from the California and Logan Square Blue Line CTA Stations, the apartments feature hardwood floors, white or stainless-steel kitchen appliances, oak cabinetry, individual furnaces, shared laundry and storage units in the basement. An opportunity exists for an investor to further improve upon the property by upgrading kitchens and baths and adding in-unit laundry to each unit. This property has been listed at $2,150,000 by Darrow, Gottlieb and Multack.
