05.26.20
Kiser Group brings 45-unit West Ridge apartment to market
Chicago-based multifamily brokerage firm, Kiser Group, has listed 1901 W. Granville Avenue for sale. The 45-unit multifamily property, located in Chicago’s West Ridge neighborhood, is listed for $5,900,000 and represented by Kiser Group brokers, Rick Ofman and Danny Logarakis.
Floor plans include 13 two-bedroom units, 26 one-bedroom units and six studio units. Two-bedroom rents range from $950 to $1,200, and rents for one-bedroom units range from $800 to $1,000 per month. Studios currently rent between $750 to $800 per month.
“The heavy lifting has been done at the property as the plumbing and electric have been replaced throughout and 24 of the 45 units were recently renovated to condo quality,” said Ofman. “Value-add investors can see tremendous rental upside between renovating the remaining units and improved management.”
“West Ridge is located on the far northeast side of Chicago. This market is relatively quiet with only a dozen or so properties trading hands each year. In the past year, investment activity has picked up,” said Logarakis. “Apartment properties experience high occupancy with long-term tenants and cash flow stronger than similar properties in other North Side neighborhoods. In terms of real estate fundamentals, this neighborhood is well located to transportation, restaurants, recreation and education.”
