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4948-58 W Dickens Ave
Chicago, IL 60639
Multifamily Property For Sale
·
11 Units
Investment Highlights
- Large 11-Unit Property on a Double-Wide Lot
- Attractive Assumable Debt Option: 4.38% Fixed Until 2032
- Private Surface Parking Lot with 5 Spots
- Ideal Mix of 3 Bed, 2 Bed, and 1 Bed Apartments
- Substantial Rental Upside in Existing Condition
Executive Summary
Essex Realty Group, LLC has been exclusively engaged to market for sale 4948-58 W. Dickens Ave., a well-cared-for 11-unit apartment property featuring a large corner brick building, a recently paved private parking lot, and a coach house.
The Subject Property is comprised of four (4) 3 Bed/1 Bath, five (5) 2 Bed/1 Bath, and two (2) 1 Bed/1 Bath units. Unit finishes feature hardwood floors, a mix of granite and laminate countertops, stainless steel or white appliances, individually furnaced heat and window air conditioning. The property also features a common laundry room and a five (5) car private parking lot.
The ideal unit mix offers meaningful rental upside in its current condition. The Belmont Cragin submarket has experienced substantial rent growth, particularly over the past five years, as the neighborhood has broadened its tenant appeal. Demand has increasingly been driven by a younger renter demographic priced out of nearby neighborhoods, alongside the long-standing working-class residents who have historically defined the community. As outlined in the rent comparables included in the offering, similar units have recently achieved rents up to approximately 15% above the subject property’s current rent levels.
ASSUMABLE DEBT AVAILABLE AT 4.38% MATURING 8/1/2032
Freddie Mac SBL loan serviced by Key Bank
Contact your Essex Broker for more information
The Subject Property is comprised of four (4) 3 Bed/1 Bath, five (5) 2 Bed/1 Bath, and two (2) 1 Bed/1 Bath units. Unit finishes feature hardwood floors, a mix of granite and laminate countertops, stainless steel or white appliances, individually furnaced heat and window air conditioning. The property also features a common laundry room and a five (5) car private parking lot.
The ideal unit mix offers meaningful rental upside in its current condition. The Belmont Cragin submarket has experienced substantial rent growth, particularly over the past five years, as the neighborhood has broadened its tenant appeal. Demand has increasingly been driven by a younger renter demographic priced out of nearby neighborhoods, alongside the long-standing working-class residents who have historically defined the community. As outlined in the rent comparables included in the offering, similar units have recently achieved rents up to approximately 15% above the subject property’s current rent levels.
ASSUMABLE DEBT AVAILABLE AT 4.38% MATURING 8/1/2032
Freddie Mac SBL loan serviced by Key Bank
Contact your Essex Broker for more information
Property Facts
| Price Per Unit | $165,000 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | B |
| Cap Rate | 6.23% | Lot Size | 0.14 AC |
| Gross Rent Multiplier | 9.29 | Building Size | 10,328 SF |
| No. Units | 11 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1921/2022 |
| Property Subtype | Apartment | ||
| Zoning | RS-3 | ||
| Price Per Unit | $165,000 |
| Sale Type | Investment |
| Cap Rate | 6.23% |
| Gross Rent Multiplier | 9.29 |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.14 AC |
| Building Size | 10,328 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1921/2022 |
| Zoning | RS-3 |
Amenities
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | - | - |
| 2+1 | 5 | - | - |
| 3+1 | 4 | - | - |
Property Taxes
| Parcel Number | 13-33-219-017-0000 | Improvements Assessment | $72,135 |
| Land Assessment | $11,674 | Total Assessment | $83,809 |
Property Taxes
Parcel Number
13-33-219-017-0000
Land Assessment
$11,674
Improvements Assessment
$72,135
Total Assessment
$83,809
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