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2725-2741 N Ashland Ave
Chicago, IL 60614
Arden of Lincoln Park · Multifamily Property For Sale
·
18 Units
Investment Highlights
- New construction multifamily asset completed in 2020.
- On-site amenities include fitness center, business center, and recreation/game room.
- 18 exterior parking spaces.
- Located in Lincoln Park with proximity to DePaul University (approx. 1 mile).
Executive Summary
Arden of Lincoln Park presents an opportunity to acquire a trophy-quality, new construction multifamily asset in one of Chicago's premier rental markets. The property is offered at a sale price of $11,490,000, equating to approximately $638,333 per unit. The asset features approximately 8–10% upside in current rental rates, providing investors with an immediate opportunity to increase revenue through lease turnover and mark-to-market rent growth.
With its high-bedroom-count unit mix, proximity to DePaul University, and location within the sought-after Lincoln Park neighborhood, the property benefits from consistent rental demand. In addition to its income growth potential, the property offers a viable path to reducing property taxes through reclassification. Combined with its modern construction, amenity offering, and acquisition basis below replacement cost, Arden of Lincoln Park represents a compelling long-term investment opportunity.
With its high-bedroom-count unit mix, proximity to DePaul University, and location within the sought-after Lincoln Park neighborhood, the property benefits from consistent rental demand. In addition to its income growth potential, the property offers a viable path to reducing property taxes through reclassification. Combined with its modern construction, amenity offering, and acquisition basis below replacement cost, Arden of Lincoln Park represents a compelling long-term investment opportunity.
Property Facts
| Price Per Unit | $638,333 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.39 AC |
| Gross Rent Multiplier | 10.7 | Building Size | 38,970 SF |
| No. Units | 18 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2020 |
| Property Subtype | Apartment | Parking Ratio | 0.46/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | B2-3 | ||
| Price Per Unit | $638,333 |
| Sale Type | Investment |
| Gross Rent Multiplier | 10.7 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.39 AC |
| Building Size | 38,970 SF |
| No. Stories | 3 |
| Year Built | 2020 |
| Parking Ratio | 0.46/1,000 SF |
| Zoning | B2-3 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Washer/Dryer
- Heating
- Hardwood Floors
- Stainless Steel Appliances
- Views
- Walk-In Closets
- Deck
- Intercom
- Large Bedrooms
- Quartz Countertops
Site Amenities
- Business Center
- Fitness Center
- Gameroom
- Storage Space
- Bicycle Storage
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 6 | - | - |
| 5+3 | 9 | - | - |
| 6+3 | 3 | - | - |
Property Taxes
| Parcel Numbers | Improvements Assessment | $865,000 | |
| Land Assessment | $314,359 | Total Assessment | $1,179,359 |
Property Taxes
Parcel Numbers
Land Assessment
$314,359
Improvements Assessment
$865,000
Total Assessment
$1,179,359
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