Monarch Realty Partners is pleased to exclusively offer for purchase Kimball Station Apartments located in the Albany Park neighborhood of Chicago. Designed by award winning architect, Hartshorne Plunkard, the building was constructed in 2008 with a modern design and contemporary finishes. The property consists of fifty-nine (59) apartments and two (2) commercial spaces. In addition, there is a heated parking garage with 37 spaces as well as 19 exterior spaces. No affordable units as it pre-dates the Affordable Requirements Ordinance (ARO). Most apartments have private balconies.
The property includes forty-four (44) two bedroom, two bathroom units, seven (7) two bedroom, one bathroom units, seven (7) one bedroom, one bathroom units, and one (1) three bedroom, two bathroom units. Currently, all the apartments are leased illustrating the strong historical occupancy at the property. The two commercial spaces are currently vacant providing a value-add opportunity for investors to either lease these units or utilize as amenity spaces (fitness center, work pods, bike storage) to enhance the building's attractiveness to tenants. Unique opportunity to purchase the best rental property in the sub-market at below replacement cost.
The property is uniquely located across from both the CTA Bus Line and the CTA Kimball Station, the northern termination of the Brown Line, providing residents convenient access to all parts of the city including downtown Chicago. It is located just south of Lawrence Avenue with numerous restaurants, shopping and nightlife options (Walk Score = 91). Two universities, North Park and Northeastern Illinois, are walking distance while I-94 is just two miles west. True transit-oriented property.
