Pleased to present the opportunity to acquire, to both owner-user and/or investor, 6212 N Claremont Ave, Chicago, IL, 60659. This legal four-unit property, sits in the West Ridge neighborhood one block east of Western Avenue. Three of the four units, each 1, 600 square feet, contain three-bedrooms and one-and-a-half bathrooms, plus, a separate, in-unit, 8'x17' foot den/office space with window to Western Ave., along with its own separate closet/storage space. All units contain their own forced-air HVAC system and mechanicals. There is an extra 600 square foot space with its own Full Bathroom, located on the first floor of the building, and a full masonry 2+ garage. Great concentration has been placed on the capital expense of the building to secure the longevity and rental income stream: Roof - 2019; Water Tanks - 2020; Furnaces - professionally serviced. Update/Rehab performed throughout, with latest work performed from October, 2022 to February, 2023. Presently, all units are on a month-to-month lease structure to secure the goals/needs of the prospective buyer/s. One block from Western Ave., it is situated near a number of national brand stores, restaurants, and one block from the Western Ave. CTA bus stop. Via CoStar's North Chicago market study, vacancy has drastically decreased and Chicago's Effective Residential Rent Growth is that of 2.5% in one year, 12.7% in three years, and 18.9% growth in five years. The monthly average rent per square foot in the North Chicago Market, outside of 4-Star High-rise categories with plenty of amenities, ranges from $1.25 to $1.72 per square foot per unit with bedroom count/s. The monthly average rent for studios sits at an average of $2.10 per square foot; increasing to $2.30 per square foot the closer you head downtown. North Chicago's effective rent growth has returned to annual increases of 3%, much higher from the -0.10% seen during Covid/2020. There are now less than 1% of concessions provided to tenants thanks to the rental strength of the market, whereas occupancy now sits at above 95%, as less and less vacancy rates are seen due to less turnover losses. Schedule tours, and/or connect directly to answer any further questions.
