This 48-unit property is home to the Edgewater Beach neighborhood and the historic districts and shops that are on Hollywood Avenue and Bryn Mawr. Steps from the beaches of Lake Michigan. Note worth restaurants include Blowfish, Francesca’s on Bryn Mawr, Little Vietnam, and Little India, all 4.5 starts. A commuter’s dream, tenants can walk less than 500 feet to bus lines and the Red Line Elevated train station at Thorndale is just over a block away. There is express line bus service to the Loop and, for those with cars, street parking is available and there are several other viable parking options, including secure covered garages in the neighborhood.
This property is less than a mile from Loyola University. Tenants are steps to the lake and northside beaches, miles and miles of bike paths, dog parks and dog beaches, and numerous open spaces. A walker’s and biker’s paradise.
A perfect unit mix, there are 18 Studios, 22 one-bedroom units, and 8 two-bedroom units. The building was completely rehabbed in 1981 including the building envelope, mechanicals and infrastructure. In the last year several garden units were added, and new electrical and sewer lines were completed.
Of special note, 9 of the units have rental restrictions that will expire in 6 years. Under an alternative management agreement, 60% of the expenses are covered. It is also subject to a LUSA, Land Use Subsidy Agreement, that expires when the mortgage is paid off. Once the current owner pays off the existing mortgage, the LUSA expires, rents can be increased to market rates.
This newly renovated multi-family is truely a good investment. For all questions please call Ryan Wallenfang 312-420-5364
|5736-48 N Winthrop