4952-4956 N Ridgeway Ave 22 Unit Apartment Building $5,475,000 ($248,864/Unit) 6.82% Cap Rate Chicago, IL 60625

Essex Realty Group, LLC is pleased to exclusively market for sale 3745 W. Argyle St., a 22-unit apartment building located at the corner of W. Argyle St. & N. Ridgeway
Ave., in Chicago’s desirable Albany Park neighborhood.
The property underwent a comprehensive $2 million renovation in 2009 and features an ideal unit mix of one-bedroom, two-bedroom/two-bathroom, and spacious three-bedroom duplex apartments with either two or two-and-a-half baths. Units range from approximately 800 to 1,720 square feet, offering thoughtfully designed floorplans that maximize living space.
All apartments are appointed with hardwood floors and upgraded kitchens featuring custom cabinetry, stainless steel appliances, granite countertops, microwaves, and dishwashers. Each unit also includes in-unit laundry and individual HVAC systems. While every apartment benefits from abundant natural light, several units also include sunrooms, perfect for use as office or dining areas.
Renovation upgrades also include: new double-hung vinyl windows, copper plumbing throughout, 1200 AMP main electrical service with individual panels, tuckpointing, Lochinvar hot water boiler, rear porches, and numerous additional improvements.
This offering presents a rare opportunity to acquire a meticulously maintained asset with strong rental demand and excellent future growth potential. Under current management, revenue has increased by nearly 60% over the past seven years, with a projected additional 10% upside achievable by aligning current rents with market rates.