Essex Realty Group, Inc. has been exclusively engaged to market for sale 6928 N. Wayne Ave., a 50-unit corridor-style apartment building in Chicago’s North Side neighborhood of Rogers Park.
The property, known as Wayne Senior Apartments, is 100% rented to residents 55 years or older, whose income is at or below 60% of the area's median income. The tax credit extended use restriction expires in May 2024, providing a new owner with the opportunity to update and convert the property to market based housing or to possibly extend the current program with a new tax credit structure. The current capital stack does not include any soft debt.
The property is comprised of thirty-two (32) studios, and eighteen (18) one-bed/one-bath apartments and also includes a thirty (30) space parking lot. In recent years many of the units have received kitchen and bathroom updates.
6928 N. Wayne Ave. is ideally located just one block away from the Morse CTA station, the Morse Avenue bus stop, and just 0.4 miles from Lake Michigan. The building is also located 0.7 miles north of Loyola University's Lake Shore Campus.
Rogers Park is Chicago's northern-most lakefront neighborhood. Spanning from Devon Avenue to Howard Street, Rogers
Park is serviced by multiple train and bus stops. A dynamic culture exists throughout the neighborhood, and the community focuses on supporting local businesses, revitalizing public spaces and supporting local artists. This is evidenced by murals pained along the L stations throughout the neighborhood. Additionally, Rogers Park is home to the Glenwood Avenue Arts District and Jarvis Square which boasts a plethora of studio spaces, galleries, coffee shops, and bar and dining options.
6928 N. Wayne Ave. is within proximity to a variety of retail and restaurant options along Morse Avenue and Sheridan Road. Additionally, residents are within 300 feet of the Morse CTA train station, and approximately 0.4 miles away from Loyola Beach, Loyola Park and Lake Michigan. The property is also within 0.7 miles of Loyola University's main Lake Shore campus.
- Well-Maintained Corridor Apartment Building
- First Time On Market In Over 20 Years
- Thirty (30) Surface Parking Spaces
- Extended Use Agreement Requiring The Units To Be Rented To Residents Aged 55 Or Older, And Who Earn 60% Or Less Of The Area Median Income Expiring May 2024
- Multiple Value-Add Strategies: Convert To Market Rate Housing When Extended Use Agreement Expires, Renovate Using Tax Credits, And Convert 1st Floor Space To Units Through ADU Program