ON MARKET – MULTI-FAMILY
3415 N. Elaine Pl. Chicago, IL 60657
PRICE
$4,250,000
NUMBER OF UNITS
9
CAP RATE
4.48%
PROPERTY LISTED

Essex Realty Group is pleased to present 3415 N Elaine Place, a nine-unit apartment building located near the intersection of Broadway and Roscoe in the Lakeview neighborhood of Chicago. The property has been under the same ownership for over 30 years and has been meticulously maintained during its ownership.

The building's unit mix consists of nine (9) two-bedroom apartments (approx. 1,500SF) with massive 6.5 room floor plans that include formal dining rooms and oversized family rooms with enclosed bay sitting areas. The apartments feature hardwood floors throughout, and the kitchens and bathrooms have been modestly updated over the years and are extremely attractive for rental purposes.

Over the years, the property has been modestly updated, and improvements include copper plumbing throughout, updated electric, and windows. Additionally, all the units have individual HVAC units providing heat and air conditioning to the apartments and were prepped for individual unit laundry.

One of the most appealing aspects of this offering is that the property sits on a lot greater than 15,000SF that provides 26 parking spaces accessed through a curb cut on Elaine PL in front of the property. Developers will find value in the current RM-5 zoning (FAR:2) as it allows for over 30,000SF of potential future redevelopment.

LOCATION DETAILS

The subject property is conveniently located in the heart of the East Lakeview neighborhood on Chicago’s North-side. East Lakeview is one of Chicago’s most prestigious neighborhoods and sits adjacent to Lake Michigan. The neighborhood has a rich history and was one of the first areas to prosper as Chicago developed. The property sits on a quiet, tree-lined street surrounded by vintage apartment and condominium buildings. The immediate pocket where the subject property is located in a very tenant-friendly area where many residents can enjoy the great qualities the neighborhood has to offer. Lakeview is one of Chicago’s liveliest and most accessible neighborhoods. Lakeview has a wide variety of taverns, mid-range restaurants, trendy shops, and spectacular nightlife

The subject property is fittingly positioned in the center of Lakeview on a residential street just east of Broadway Street, one of Lakeview’s most popular commercial stretches. Residents are steps away from major retailers such as Starbucks, Jewel-Osco, 7-Eleven, Walgreens, and many more.

Another major attraction located very close to the subject property is Wrigley Field; home of the 2016 World Series Champions Chicago Cubs. The historic stadium has created a culture in the surrounding area that has since become known as Wrigleyville. Wrigleyville is made up of some of Chicago’s most popular attractions with popular restaurants, bars, and nightlife.

The subject property is just blocks away 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. Multiple CTA train stations are conveniently positioned within walking distance from the property. This wide array of available transportation options allows for a relatively easy and convenient commute to downtown Chicago’s business district where many residents travel to for work.

HIGHLIGHTS
  • Desirable East Lakeview Location
  • First Time on the Market in Over 30 Years
  • Massive 2 Bed / 1 Bath Units (6.5 Rooms) -Approx. 1,550SF
  • Twenty-Six (26) Surface Parking Spaces
  • Current Rents are 20% Below Market
  • Many Recent Improvements
  • Redevelopment Opportunity 15,000+ SF Lot with RM-5 Zoning
  • CLICK THE VIDEO ICON ABOVE FOR A VIRTUAL TOUR
LISTING BROKERS
Steven Livaditis
Principal
773.305.4840
Jacob Goldstein
Director
773.305.4896
Reuben Blackman
Associate
773.305.4848