Kiser Group lists 6758 N. Sheridan Rd., a 73-unit property located two blocks from the Loyola University’s campus in Rogers Park, for $10 million. Kiser Group’s Principal and Managing Broker Lee Kiser, along with Advisors Danny Logarakis and Rick Ofman, are representing the seller and marketing the property.
“This is an opportunity for real estate investors to buy a professionally maintained, quality multifamily asset in a prime location in Rogers Park,” said Kiser. “High occupancy should be expected due to proximity to Loyola and Lake Michigan. Residents of this multi-unit property have the best of both worlds — easy access to the lakefront green space and adjacent bike paths as well as multiple commuter options. Loyola students in the building can walk to campus in less than five minutes. The neighborhood is diverse and growing with new restaurants and commercial development.”
Residents of 6758 N. Sheridan Rd. benefit from an easy commute downtown. Tenants can conveniently access public transportation immediately outside the front doors of the building via the CTA 147 express bus to the loop or the CTA red line at the Loyola station two blocks south.
6758 N. Sheridan Rd. had numerous capital improvements over the years, including a newer modified bitumen roof, tuckpointing, aluminum windows, low-flow toilets, dual stage burner for newer hot water heat, upgraded copper horizontal plumbing, exterior LED lighting on 365 Astro clocks, closed circuit security system with multiple camera and cosmetic upgrades to approximately half the units. Additionally, each of the two elevators have new electronics sleeves, pumps, pistons, and controls.
While current ownership has kept the property meticulously well-maintained for decades, there is the potential to add value by renovating units and raising rents to market rate.
“The Loyola/Rogers Park location is attracting local, out of state, and international investors. The area is experiencing a surge in development and rent is on the rise. Investing now in 6758 N. Sheridan Rd. secures a presence that will continue to improve over time as development persists in the neighborhood,” said Logarakis.
“As northside brokers, we’ve seen increasing interest from all types of investors. With the end of the pandemic and eviction moratorium in sight, we expect the remainder of the year to be highly active,” said Ofman.