2936 North Allen Avenue, Chicago, IL for sale

Investment Overview

Essex Three-Twelve is pleased to offer 2936 N Allen Avenue, a three-unit (2 + 1 non-conforming) building in Avondale, just north of Logan Square, at $679,000 ($226,333 per unit). Steps from the Milwaukee Avenue corridor, the property gives investors stable income today and a clear path to higher rents as leases roll. The building has a 3 bed / 1 bath garden unit, a 2 bed / 1 bath unit, and a non-conforming 1 bed / 1 bath attic unit. The units have updated kitchens with stainless steel appliances, hardwood floors, central air, and in-unit laundry. The property also has a 1.5-car garage, a private backyard, and a front porch rebuilt in 2026. All three units are leased through mid-to-late 2027 at a combined $4,800 per month, for a 5.66% in-place cap rate. Rents sit below nearby comparables, where 3-beds lease for up to $2,500 and 2-beds for up to $2,550. Bringing rents to market lifts the cap rate to 6.85% with no capital investment. Avondale has become one of the Northwest Side’s most in-demand rental neighborhoods. The Milwaukee and Belmont Avenue corridors are lined with local shops, coffee shops and well-known spots like Kuma’s Corner, Honey Butter Fried Chicken and Revolution Brewing’s Kedzie taproom. The Belmont Blue Line station is about half a mile away and gives tenants a direct ride to the Loop and O’Hare. The #77 Belmont and #56 Milwaukee buses and quick access to the Kennedy Expressway round out the property’s commuter appeal.

Investment Highlights

• 3-unit building (2 units + non-conforming attic unit)
• 3 bed / 1 bath garden unit and 2 bed / 1 bath unit with updated kitchens, white cabinetry, stainless steel appliances, and hardwood floors
• Separately metered electric (updated 2016), central air, copper plumbing, vinyl windows; in-unit laundry, 1 parking space.
• Fully leased at $3,950/month with +5-10% mark-to-market upside to a $30,004 stabilized NOI; near Milwaukee Ave, the Belmont Blue Line and the Kennedy