UNDER CONTRACT – MULTI-FAMILY
5045 N. Northwest Hwy. Chicago, IL 60630
PRICE
Call for details
NUMBER OF UNITS
12
PROPERTY LISTED

Essex Realty Group, Inc. has been exclusively retained to market for sale 5045 N. Northwest Hwy., a 12-unit walk-up building located near the intersection of Northwest Highway and Milwaukee Avenue in the Jefferson Park neighborhood of Chicago, immediately across the street from the Jefferson Park Metra Station. The subject property is also walking distance from the Jefferson Park Transit Center and CTA Blue Line Station.

This property was originally designed for condominiums and the developer spared no expense with the quality of construction. This low maintenance, brick and flexicore constructed property offers tenants amenities such as private balconies, individual HVAC, and parking.

The current unit mix consists of twelve (12) spacious 2 Bedroom / 2 Bath apartments, with great layouts. Recently, seven of the units were extensively remodeled with updates that include new kitchens (cabinetry, countertops, tile work, appliances), updated bathrooms (vanity sink, faucet, toilet tile work, and finishes), and hardwood flooring throughout.

This is an excellent opportunity for an investor to acquire a well-positioned apartment building in an irreplaceable location with stable cash flow and additional upside. The current rents are 12% below market for updated units and 17% below market for as-is units, which offers the opportunity for an investor to raise rents to market.

LOCATION DETAILS

5045 N. Northwest Hwy. is conveniently located next to three major transit stations. Jefferson Park Metra Station is immediately across the street, while the Jefferson Park Transit Center and CTA Blue Line Station are within walking distance to the property. The Jefferson Park Transit Center has recently undergone a $25 million renovation, which includes improvements to the metra, transit hub, blue line, and central bus depot. Furthermore, the property is situated along Northwest Highway, which is directly off Milwaukee Avenue. Along Milwaukee Avenue is an abundance of restaurants, shops, and parks. Some of the best restaurants include Gorilla Sushi and Elly's on Milwaukee, among many others.

HIGHLIGHTS
  • Spacious 2 Bed/2 Bath Units
  • Prime Jefferson Park Location
  • Conveniently Located Directly Next to Three Major Transportation Hubs
  • High Quality of Construction
  • Extremely Stable Market (Both Residential and Commercial)
  • Excellent Value-Add Opportunity via Interior Cosmetic Updates
  • Current rents are Significantly Below Market
  • 12 Exterior Parking Spaces
LISTING BROKERS
Steven Livaditis
Principal
773.305.4840
Matt Feo
Director
224.305.4102