1256 W North Shore

Chicago, IL 60626

1256 West North Shore Avenue is a five-unit walkup apartment building located in the Loyola University submarket of Rogers Park. The building consists of two (2) one-bed / one-bath apartments that include a den, two (2) two-bed/ one-bath, and one (1) four-bed / two-bath apartments. Most operators would easily convert the one-bed + den units into two bedrooms by simply utilizing the den as the extra bedroom. The building also contains a non-conforming studio apartment that is currently generating additional income. Heat is provided to all the apartments via a steam heat Weil-Mclain boiler that was installed in 2020, and domestic how water is supplied through two Richmond H/W heaters. Tenants have access to laundry in the basement of the building; both of the machines are building-owned. The property also offers four (4) surface parking spaces located in the rear that provide additional income. The subject property is steps away from Loyola University's Lake Shore campus, making this a desirable pocket for student housing. Due to the lack of off-campus housing supply, occupancy in the immediate area is at an all-time high, thus creating significant rent upside for a new operator. This is an excellent opportunity for an investor to acquire a multifamily property with several value-add potentials. Even in the building's current state, the rents are significantly below market. Additional value can be realized should an investor elect to update the apartment finishes and convert the one-bedroom units, dramatically increasing the cash flow.