5658-60 N Ridge Avenue Chicago, IL 60660 • Multi Unit - Multiple • New $3,900,000

Description

100% fee-simple interest in 5658-60 North Ridge Avenue (the Property), a fully renovated ten (10) unit multifamily asset in Chicago's Edgewater neighborhood, comprising six (6) three-bedroom / two-bath residences and four (4) one- bedroom / one-bath apartments, together with eleven (11) surface parking spaces. The Property was acquired by the owner in 2018 and taken through a comprehensive repositioning. Ownership executed a full gut renovation of the interiors and modernized the building's mechanical and access systems. With the capital program complete and the asset 100% occupied, the opportunity presents an investor the ability to acquire a turnkey, recently renovated property with no deferred capital and immediate in-place cash flow. Importantly, in-place rents sit below market for comparably finished product in Edgewater, offering a new owner a clear path to mark rents to market on natural turnover. Because the renovation program is already complete, this upside is achievable without additional capital - allowing an incoming investor to grow net operating income through leasing execution alone. Every residence has been delivered to a condo-quality standard, with kitchens featuring modern cabinetry, stainless-steel appliances, quartz countertops, tile backsplashes, and garbage disposals, while bathrooms include full-tile showers, oversized vanities, and high-end matte black plumbing fixtures. Units also offer in-unit washers and dryers, Nest thermostats, LATCH keyless entry, and private outdoor space as an added amenity to tenants. Located approximately seven miles north of the Loop, Edgewater is one of Chicago's most established rental submarkets, anchored by lakefront access, a dense walkable retail base, and institutional employers including Loyola University Chicago's Lake Shore Campus, Truman College, and Weiss Memorial Hospital. The Property sits two-tenths of a mile from the CTA Bryn Mawr Red Line station, recently rebuilt as part of the Red and Purple Modernization Program, with the Andersonville retail district and Lake Michigan's beaches within a half-mile walk. Paired with fully renovated interiors, a differentiated three-bedroom-weighted unit mix, on-site parking, and meaningful mark-to-market rent upside, 5658-60 North Ridge Avenue is ideally suited for an investor seeking a stabilized, low-maintenance cash flowing asset with embedded growth in one of Chicago's most desirable neighborhood

Property Highlights