2418 North Western Avenue, Chicago, IL for sale

Investment Overview

Essex Three Twelve is pleased to offer 2418 N Western Avenue, a four-unit residential building in Bucktown, at $900,000. The Property is configured as a three-unit building with a coach house in the rear, delivering four separate 1 Bed/1 Bath units across roughly 3,000 net rentable square feet on a 2,725 SF lot. Constructed in 1883, the building combines classic Chicago architectural character with updated infrastructure: each unit runs on individual HVAC with its own 100-amp electrical panel and dedicated 50-gallon hot water tank, plumbing is a mix of copper and galvanized, and the building carries vinyl windows and a pitched asphalt shingle roof. Laundry is common-area, enclosed porches serve the rear of the building, and the offering includes one exterior parking space. The Property is priced at a 5.07% cap rate and 10.51x GRM on in-place income, with meaningful upside already embedded in the rent roll. Current average rent across the four units is $1,756/month against a $2,300/month market average. Simply marking the existing leases to market — with no capital investment required — pushes collected income to $108,960 and the cap rate to 8.05% (7.93x GRM), turning a negative current-year cash-on-cash return into a 9.91% return once stabilized. One unit (2F) has already delivered vacant, giving a new owner an immediate opportunity to re-lease at market rather than waiting out the existing roll. 2418 N Western Avenue sits at the convergence of Bucktown, Logan Square, and West Lakeview, four blocks from the Western Blue Line station and within a submarket carrying an average household income of $179,104 within one mile. The immediate area continues to see strong, consistent rental demand, supporting the rent growth underwritten above.