6134 N Milwaukee Ave
- Fully Occupied 7-Suite Investment with Radiant Heated Floors, Individual Air Conditioning and Private Bathrooms
- Scheduled Lease Increases Add Approximately 5% to Rental Income Through 2027
- Flexible Suite Sizes from 466 to 1,231 Square Feet
- Corner Milwaukee Avenue Location with Rear Surface Parking
- Less Than One Mile from Two Metra Stations on the UP-NW Line
Property Description
Essex Realty Group, LLC has been exclusively engaged to market for sale 6134-6138 N Milwaukee Avenue, a fully occupied, seven (7) suite retail and office building located in the Norwood Park area of Chicago, IL. Built in 1962, the single-story brick property totals approximately 4,212 rentable square feet at the corner of N Milwaukee Avenue and W Hyacinth Avenue. The suite mix includes one (1) 1,231 square foot corner suite with a basement and central air, along with six (6) smaller suites ranging from 466 to 537 square feet. A rear surface lot provides seven (7) parking spaces, a valuable feature along this stretch of Milwaukee Avenue. Each suite features radiant heated floors and a private bathroom, and the six (6) smaller suites have individual sleeve air conditioning units. The offering presents a rare opportunity for an investor to acquire a multi-tenant building with diversified in-place income across seven (7) suites. In-place rents total $92,580 annually, or approximately $22 per square foot, and scheduled rent increases through 2027 are expected to raise rental income by approximately 5%. The lease form also provides for tenant contributions toward increases in operating expenses, offering a new owner an additional path to income growth. Capital improvements include 400-amp electrical service, updated panels and a recently replaced hot water tank. The property is approximately one-third of a mile south of Devon Avenue and less than one mile from both the Norwood Park and Gladstone Park Metra stations on the Union Pacific Northwest Line. The Jefferson Park Transit Center and CTA Blue Line are approximately two miles away, with convenient access to the Kennedy Expressway (I-90). With full occupancy & scheduled rent increases 6134-6138 N Milwaukee Avenue offers investors in-place income and a clear path to growth on an established Northwest Side corridor.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $850,000 |
| No. of Units: | 7 |
| Year Built: | 1968 |
| Lot Size: | 0.10 Acres |
| Opportunity Zone: | No |
| Price per unit: | $121,429 |
| Property Website | Click Here |
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