Essex is pleased to present a center entrance six unit building in the heart of Bronzeville. The building is comprised of three 4-bedroom and three 3-bedroom units. All units have apartment grade finishes.
Building: The units are large, approximately 1,200 square feet each, and hardwood floors throughout. The windows are newer and lintels were repaired in 2012. Each unit has individual furnaces/heat paid by the tenant. The porch has had structural reinforcement as requested by the City. The porch has individual partitions creating a privacy deck for each unit. There is also an additional non-conforming unit in the basement. A new owner may want to duplex down and increase rentable square footage. The building owns one washer and one dryer.
There are four CHA voucher holding residents in the building. Most residents have been in the building for several years with minor rent increases.
Bronzeville's 20th century resurgence is responsible for tremendous cultural and social advances. Pulitzer Prize recipient Gwendolyn Brooks, civil rights activist Ida B. Wells, and legendary musician Louis Armstrong were profoundly responsible for the area's development and subsequent cultural crusade. Now a days Bronzeville, a transitioning neighborhood, has become a targeted place to live by many. The Illinois Institute of Technology is located in Bronzeville, just east of I-90 1.4 miles from the property and The University of Chicago is just south of the neighborhood 2.7 miles from the subject, making Bronzeville apartments popular with the 31,000 college students in the area too.
The building is located between 0.2 miles from the CTA's Indiana Green Line train stop; 1.4 miles from Lake Shore Drive and 1.3 miles to I-90/94. To the east is South State Street buses and to the west Michigan Ave bus lines. Centrally located making easy commute to the suburbs or downtown.
- 1.5 Blocks from new "L" Green Line stop
- 9% Cap Rate on current financials
- Individual furnaces in each unit
- Duplex Down Opportunity
- Extra Large lot
- Transitioning Neighborhood