ON MARKET – MULTI-FAMILY
2018-2020 W. Farwell Ave Chicago, IL 60645
NEIGHBORHOOD
Rogers Park
PRICE
$5,850,000
NUMBER OF UNITS
49
CAP RATE
3.81%
PROPERTY LISTED

Essex Realty Group, Inc. is exclusively engaged to market for sale 2018-2020 W. Farwell Ave. (“the Property”), a 49-unit elevator building located in the Rogers Park neighborhood of Chicago. The Property has been owned and managed by the same family for more than 50 years, which provides investors substantial opportunity to improve the physical condition, increase rents, and streamline expenses. The Property is situated steps from multiple CTA bus stops, 0.5 miles from the Rogers Park UP-N Metra Station and 0.9 miles to the Morse Red Line stop.

2018-2020 W. Farwell Ave. is comprised of twenty-eight (28) 1Bd/1Ba apartments and twenty-one (21) 2Bd/1.5Ba apartments with twenty-nine (29) parking spots. The building features include a boiler and coin-operated laundry on-site. The apartments feature radiant heat, sleeve a/c units, white appliances, laminate countertops, carpeted living rooms and bedrooms, and vintage bathrooms.

The Property represents an exceptional value-add opportunity. In-unit renovations might include replacing the carpet with hardwood or engineered flooring; updating the kitchens with new cabinets and appliances; and updating the bathrooms with new tiles, vanities and toilets. Rents for 1Bd/1Ba units currently average $929 per month. Competing upgraded units achieve $1,200 per month. Similarly, the 2Bd/1.5Ba units currently rent for $1,239 on average, while competing upgraded units achieve $1,450 per month.

Other enhancements may include updating windows, lobby, hallways and roof. In addition, there is approximately 5,000 square feet of unused basement space that could be repurposed to a variety of amenity spaces. Lastly, the T-12 water bills total $99,380, or $2,028 per apartment. A new owner will likely pursue strategies to bring this cost in line with more normal operations.

LOCATION DETAILS

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HIGHLIGHTS
  • Rarely Available Asset
  • Value-Add Opportunity
  • Large, Well Laid Out Floor Plans
  • 29 Parking Spaces
LISTING BROKERS
Dan Shepherd
Director
773.305.4842
Jaimie Steinher
Director
773.305.4916