4952-4956 N Ridgeway Ave - Apartments FOR SALE


Chicago, IL 60625- Albany Park
$5,650,000 USD
773-305-4840
4952-4956 N Ridgeway Ave, Chicago, IL for Sale
$5,650,000 USD
Apartments - FOR SALE
1/21
null | 6.61% Cap Rate

4952-4956 N Ridgeway Ave
Chicago, IL 60625
Albany Park


HIGHLIGHTS

  • Fully Renovated 22-Unit Walkup Building
  • Exceptional Unit Mix Featuring Spacious Floorplans
  • Combination of 1-Bed, 2-Bed/2 Bath, and 3-Bed/2 Bath Duplex Apartments
  • Impeccably Maintained with/ High-End Unit Finishes Throughout
  • Individual HVAC Units
  • Consistent Rent Growth 15% +

OVERVIEW

Essex Realty Group, LLC is pleased to exclusively market for sale 3745 W. Argyle St., a 22-unit apartment building located at the corner of W. Argyle St. & N. Ridgeway Ave., in Chicago’s desirable Albany Park neighborhood. The property underwent a comprehensive $2 million renovation in 2009 and features an ideal unit mix of one-bedroom, two-bedroom/two-bathroom, and spacious three-bedroom duplex apartments with either two or two-and-a-half baths. Units range from approximately 800 to 1,720 square feet, offering thoughtfully designed floorplans that maximize living space. All apartments are appointed with hardwood floors and upgraded kitchens featuring custom cabinetry, stainless steel appliances, granite countertops, microwaves, and dishwashers. Each unit also includes in-unit laundry and individual HVAC systems. While every apartment benefits from abundant natural light, several units also include sunrooms, perfect for use as office or dining areas. Renovation upgrades also include: new double-hung vinyl windows, copper plumbing throughout, 1200 AMP main electrical service with individual panels, tuckpointing, Lochinvar hot water boiler, rear porches, and numerous additional improvements. This offering presents a rare opportunity to acquire a meticulously maintained asset with strong rental demand and excellent future growth potential. Under current management, revenue has increased by nearly 60% over the past seven years, with a projected additional 10% upside achievable by aligning current rents with market rates.

FOR SALE DETAILS

PRICE

$5,650,000 USD

PRICE/SF

$241 USD /SF

# OF UNITS

22

PRICE/UNIT

$256,818

CAP RATE

6.61%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1921

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.25 AC

LAND SF

10,890 SF

ZONING

RS-3, Chicago

APN/PARCEL ID

13-11-317-031-1021

ASK ABOUT THIS PROPERTY

Steven LivaditisEssex Realty Group, LLCMore Info
773-305-4840

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Steven LivaditisEssex Realty Group, LLCMore Info
773-305-4840

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.