Illinois / Chicago / 60614 / 2735 North Magnolia Avenue

2735 North Magnolia Avenue

Chicago, IL 60614

Listing ID: 236223

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$1,250,000

For Sale

Property Type Multifamily for Sale
Lot Size Acres 0.000
Building Sq Ft 6,000
Building Price per Sq Ft $208.33
Land Price per Sq Ft $208.33

Description

Essex Realty Group, Inc. is exclusively engaged to market for sale 2735 N. Magnolia Ave. ("the Property"), a four-flat and two-unit coach house located in Lincoln Park. The Property is situated steps from multiple CTA bus stops, 0.4 miles from the Diversey Brown Line Station, and walking distance to multiple commercial corridors filled with bars, coffee shops, and popular restaurants including Beermiscuous, Batter & Berries, Gotham Bagels, Left Coast, Starbucks, and more.
The Property is comprised of three (3) 3Bd/1Ba apartments, one (1) 1.5Bd/1Ba coach house unit, one (1) 1Bd/1Ba coach house unit, and a non-conforming garden studio. Interior finishes vary by unit, typically consisting of vintage built-ins, hardwood flooring, white or stainless steel appliances, laminate or granite countertops, ceiling fans, spacious bedrooms with closets, and common laundry in the basement. The non-conforming garden unit finishes include tile and carpet flooring, white kitchen appliances and cabinetry, and laminate countertops.
The Property presents investors with a variety of value-add opportunities. There is potential for a new owner to bring rents to market or renovate the building to capture substantial rental upside. 3Bd/1Ba apartments in the building average $1,902/month, while comparable, nearby units rent for more than $2,250/month. Furthermore, renovated 3Bd/1Ba units rent for more than $2,400/month.

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Listing Demographics for 2735 North Magnolia Avenue Chicago, IL 60614

All information based on the most recently available data (updated annually) and is provided in 1-mile, 3-mile, and 5-mile radii (radiuses) of the property location.

		1-Mile	3-Miles	5-Miles
Total Population		84,742	529,267	1,151,677
Population Median Age		33	36	37
Population by Age	0-9 Yrs	8306 (9%)	49146 (9%)	114802 (9%)
	10-19 Yrs	6019 (7%)	31082 (5%)	94309 (8%)
	20-29 Yrs	28406 (33%)	136316 (25%)	256536 (22%)
	30-39 Yrs	19299 (22%)	128250 (24%)	248799 (21%)
	40-49 Yrs	8706 (10%)	63450 (11%)	141649 (12%)
	50-59 Yrs	6083 (7%)	46710 (8%)	118556 (10%)
	60-69 Yrs	4411 (5%)	38864 (7%)	97003 (8%)
	70+ Yrs	3513 (4%)	35447 (6%)	80023 (6%)

Median HH Income		$114,159	$93,220	$81,158
Total Household Income	< 24K	4505 (11%)	35883 (13%)	89025 (17%)
	25-49K	3700 (9%)	33190 (12%)	80794 (15%)
	50-74K	4883 (12%)	36354 (14%)	75279 (14%)
	75-99K	4304 (11%)	32042 (12%)	61076 (11%)
	100-199K	11132 (28%)	71682 (27%)	133980 (25%)
	200K+	10337 (26%)	48412 (18%)	80137 (15%)

Highest Education Level	No Diploma	1443	21352	82950
	Diploma or GED	3126	38441	114066
	Some College	3876	40241	102993
	Assoc. Degree	1428	14890	36990
	Bachelors Degree	29208	171763	291739
	Higher Degree	20694	119702	220073

Total Housing Units		42,339	284,792	584,800
--Owner-Occupied		16,437	105,327	210,616
--Renter-Occupied		22,425	152,235	309,675
Owner-Occupied Values	< 100K	231	2144	7947
	100-199K	481	7440	25234
	200-299K	1476	17024	41992
	300-399K	2031	17768	37815
	400-499K	2370	15470	27512
	500K+	9847	45480	70116

Total Working Age Population		73,489	460,806	985,273
In Work Force		60,285	364,116	727,011
Not In Work Force		13,204	96,690	258,262
Workforce Employed		58,704	352,930	693,786
Workforce Unemployed		1,579	11,109	32,823
Civlian Workforce		60,283	364,039	726,609
Military Workforce		2	77	402

Total Households		38,861	257,562	520,291
Family Households		14,306	97,347	224,672
Non-Family Households		24,555	160,216	295,619
Married Couple		12,217	78,205	165,993
Other Family		2,089	19,142	58,678
Married w/Child		5,712	30,793	62,327
Single Male w/Child		251	2,200	6,122
Single Female w/Child		661	6,255	19,542

Population Change Last Two Decades - Plus Projection

	2000	%	2010	%	2020	%	2030
Illinois	12,419,293	+3	12,830,632	+12	14,316,487	+6	15,138,849
Cook County	5,376,741	-3	5,194,675	+10	5,707,832	+5	5,990,243

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While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

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