Essex Realty Group, Inc. is proud to exclusively market for sale 659 W. Aldine
Avenue in Chicago, Illinois. The subject property is a nine (9) unit condominium
building located in the premier East Lakeview neighborhood on Chicago’s
North-side. Essex has been engaged to represent the 659 W. Aldine association in
the sale of all the condominium units allowing a buyer to potentially de-convert
the association and operate the property as an apartment building after acquisition.
The subject property is a three-story, brick building constructed in 1970. The unit
mix consists of one (1) studio unit located on the ground floor, six (6) large
one-bedroom units, and two (2) extra-large one-bedroom units. Most of the units
have received modern updates throughout the years with finishes that slightly vary
by unit. These updates may include granite countertops, quality cabinetry,
stainless steel appliances, and dishwashers.
Additionally, the property benefits from a curb cut on Aldine Avenue allowing
access to six (6) parking spaces on the ground level of the building. Parking is a
valuable amenity on this block, especially since the South side of Aldine Avenue
does not have alley access. Due to the limited amount of parking this block has to
offer, parking rents may be as high as $200 per space which can provide a new
owner with substantial operating revenue in addition to the rental income. Also,
the building has a laundry room with one coin-operated washer/dryer combination
that is owned by the association.
Heat to the apartments is separately metered and provided by a hot water radiant
heat system. Each unit has a separate hot water heater which delivers both
domestic hot water to the unit as well as radiant heat. Electricity is separately
metered and there is 800 AMP service coming into the building. Cooking gas is
also separately metered; therefore, all utilities, excluding water and waste
removal, are paid for individually. The rubber roof was completely replaced as a
“tear-off” in 2014.
This block on Aldine Ave. is one of the most affluent streets in East Lakeview due
to the low density of rental units, new single family homes, and new high-end
This property is currently under contract.