UNDER CONTRACT – MULTI-FAMILY
915 W. Montana St. Chicago, IL 60614
NEIGHBORHOOD
Lakeview
PRICE
Call for details
NUMBER OF UNITS
18
PROPERTY LISTED

Essex Realty Group, Inc is proud to exclusively market for sale 915 W. Montana St. The subject property is an 18-unit condominium building located adjacent to the intersection of Lincoln Ave. and Montana St. in the Lincoln Park neighborhood of Chicago. Per Section 15 of the Illinois Condominium Act, Essex has been engaged to represent the 915 W. Montana Association in the sale of all condominium units.
 
The subject property is a three-story brick, California style building that was constructed in approximately 1970. The building sits on one of the premier blocks within the Lincoln Park marketplace. The unit mix consists of eighteen (18) one-bedroom one-bathroom units. All the units boast extremely spacious layouts with hardwood floors throughout the living areas. Some of the one-bedroom layouts feature vaulted ceilings and the ground floor units include private spacious outdoor patios. Finishes slightly vary by unit; updated units feature granite countertops, quality cabinetry, stainless steel appliances, and dishwashers. Building amenities include having a secured entry way and an assigned parking space for each unit.

Every condominium is heated and cooled by two (2) electric heat/AC combo units and is paid by the unit. Domestic hot water heat is separately metered and in-unit; some of the homeowners have installed tankless systems.  Electricity is separately metered and there are breakers in each unit; therefore, heat, hot water, and electric are unit paid utilities. The roof was fully torn off and replaced in 2013. The building recently received new steel poches with wood support in 2014. The plumbing consists of copper throughout. The building had undergone a recent tuckpointing project completed on the Montana side. Additionally, there is a shared laundry room on-site which has two (2) association owned coin operated machines.
 
This is a rare opportunity for an investor to acquire an extremely well maintained 18-unit building in a Class-A market of Chicago. There are eighteen (18) parking spaces located behind the property that will allow a new investor to collect additional income. The building has been very well sustained, and an investor will benefit significantly by converting this into a rental property while investing very little additional capital.

LOCATION DETAILS

The subject property is conveniently located in the heart of Chicago’s Lincoln Park neighborhood. Located just north of downtown Chicago with Lake Michigan to the east and the Chicago River to the west, the neighborhood is regularly considered to be one of Chicago’s wealthiest and most affluent communities to live in.

915 W. Montana St. sits adjacent to the intersection of Montana St. and Lincoln Ave. on a quiet, tree-lined street accompanied by small vintage apartments, condominium buildings, and high-end single-family homes. The immediate pocket surrounding the building is primarily residential with a major commercial stretch within steps from the subject property. One block east of the property on Lincoln Avenue sits nationally recognized retailers such as Starbucks, Chipotle, and Potbelly accompanied by popular night life destinations including Lincoln Hall and The Red Lion Pub. Additionally, the property is a little over a half mile from Francis W. Parker School which is perhaps one of the most reputable private schools in Chicago.

DePaul University is within walking distance and possesses a student body with more than 25,000. DePaul is the 13th largest private university by enrollment in the United States and the largest private university in Illinois. The presence of the school coupled with Lincoln Park’s appeal to a younger demographic creates a large demand for rental housing in the area.

The Lincoln Park area continues to flourish with large, new developments occurring steps from the subject property. In November of 2016, a six-acre mixed-use development known as the Lincoln Common broke ground. The brand-new development will be replacing the old Children’s Memorial Hospital which spans along Lincoln Ave. between Belden and Fullerton. The Lincoln Common is a ground-up development which will host 100,000 SF of retail space, 538 apartments, 40 luxury condominiums, an 850-stall parking garage, and a 156-room senior living facility. This project will enhance the already desirable neighborhood with a diversity of housing options, new shops and restaurants, beautiful new parks, and increased pedestrian access.

Another major development that will positively impact the Lincoln Park community is the “Elevate” apartment complex. Located on the North West corner of Lincoln and Altgeld, Elevate will deliver 191 apartments, 16,300 SF of ground level retail space, and parking for 138 vehicles. Elevate will be move in ready as of May 1st, 2018.

915 W. Montana sits in the center of multiple available transportation options allowing for a relatively easy and convenient commute to downtown Chicago’s business district. The CTA Fullerton “L” Station is within 5 minutes of walking distance from the subject property. The Fullerton Stop is one of only two stations that access the red, brown, and purple lines providing commuters unlimited flexibility. Bus lines that are easily accessible within walking distance include the 74, 8, and 37. 915 W. Montana St. is just a few blocks from Lake Shore Drive. Lake Shore Drive is an expressway running parallel to the shoreline of Lake Michigan and allows quick highway transportation to downtown Chicago.

HIGHLIGHTS
  • Phenomenal Lincoln Park Location
  • 18-Unit Condominium Building
  • All One-Bedroom Units
  • Extremely Spacious Floor Plans
  • Ground Floor Units Feature Spacious Outdoor Patios
  • 18 Assigned Parking Spaces
  • Possible Redevelopment Opportunity
LISTING BROKERS
Steven Livaditis
Principal
773.305.4840
Joe Scheck, CFA
Director
773.305.4842