Interra Realty has been exclusively engaged to market 4070 N. Kenmore Avenue for sale. The subject investment property is a corridor style multifamily asset in the Buena Park Neighborhood of Chicago’s northside.
The property is comprised of 42 studio apartments, two of which were combined to create a two bed / two bathroom unit. Units have been modernized with over 90% having granite countertops, new cabinetry, black or stainless steel appliances, ceiling fans, contemporary LVT flooring and updated bathrooms. Units are heated by tenant-paid electric baseboards and cooled with window A/C units. There are four parking spaces in the rear of the property, three of which are rented via SpotHero. Common area upgrades include; updated hallways, lobby and laundry room and addition of security cameras, a phone controlled entry system and bike room. Recent capital improvements include; extensive tuckpointing, newer roof, all new electrical service and newer domestic hot water boiler and storage tanks.
A qualified investor has the rare opportunity to acquire a renovated multifamily asset in a high demand, low vacancy, Chicago rental market. A new investor can realize value-add potential by correcting the loss-to-lease in the current rent roll. The property is being offered for sale to qualified investors free-and-clear of existing debt, or with an attractive, non-recourse, assumable loan.
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- Dynamic Buena Park Location, Steps from Wrigleyville
- Modernized Apartments with Tenant-Paid Heat
- Many Recent Common Area Updates and Capital Improvements
- Some Below Market Rents Provide Upside Potential
- Option to Assume Non-Recourse Loan with 3.75% Rate