Essex Realty Group, Inc. has been exclusively engaged to market for sale, 1959 North Seminary Avenue, a 5-unit multifamily property located in the heart of one of Chicago's top neighborhoods, Lincoln Park/DePaul University. The building is comprised of brand new luxury 2, 3 & 4 bedroom apartments and underwent a full gut renovation completed in July of 2022 including new electric, plumbing, HVAC & redesigned floor plans. The units were professionally designed and feature hardwood floors, exposed brick, large window exposures & light, stainless steel appliances, granite counters, tile backsplash, tiled bathrooms, individual HVAC and laundry in-unit.

The project was substantially completed and entered lease up by July 2022. Once placed on the market for rent, the units received an avalanche of interest resulting in multiple applications and a "bidding war" for each apartment. The unprecedented level of interest resulted in most of the units renting for over asking price and 3 of the 5 units signing 24 month leases until Summer 2024. Tenants were largely drawn to the incredible location, quality of the renovation and safety of the surrounding neighborhood.

The property sits in an unbeatable location steps to the Armitage L Stop, providing tenants quick access to the Brown and Purple lines. Along with several surrounding bus stops & Divvy stations, tenants are offered excellent transportation options. The property sits adjacent to DePaul University’s campus, within walking distance to grocery stores, and nearby the lakefront, making this an extremely desirable area of the neighborhood to live in.

Chicago’s Lincoln Park neighborhood is one of the best known and most historically significant areas in the city. Located 3.15 miles north of the Loop with Lake Michigan to the east and the Chicago River to the west, Lincoln Park has experienced significant growth over the last few decades. Its proximity to the City’s central business district combined with convenient access to public transportation and lakefront has led to substantial residential and retail growth, transforming the community into one of Chicago’s most desired areas in which to live.

Lincoln Park boasts several attractions including the Lincoln Park Zoo, the Chicago History Museum, and most notably, Lincoln Park, Chicago’s largest public park. Magnificent architecture, charming boutiques, and a vibrant restaurant and bar scene appeal to residents, students and tourists alike. DePaul University is located in the heart of Lincoln Park and boasts a population of over 25,000 students. The university's presence coupled with Lincoln Park’s appeal to younger residents creates substantial demand for rental housing in the area.

• 6.9% Cap Rate Including 2021 Projected Tax Bill
• 3 of 5 Leases Through 2024; Multiple Offers/Bidding War on Each Unit During Lease Up
• Professionally Designed Renovation with Full Plans & Permits
• Large 2, 3 & 4 Bedroom Apartments
• Minimal Assessed Value Increase for 2021 Tax Year
• Adjacent to DePaul Campus, Armitage "L" Stop & Shopping District