Kiser Group has been exclusively engaged to market for sale 7369 N. Damen Ave, a 39-unit courtyard building in Chicago’s Rogers Park neighborhood. The property consists of 36 legal units and 3 non-conforming garden units. Located in a highly walkable area, 7369 N. Damen is within close proximity to public transportation, including the CTA Red, Purple, and Yellow Lines at the Howard Station (0.5 miles).
The building is comprised of (19) 1bd/1ba, (18) 2bd/1ba and (2) 3bd/2ba. Under current ownership, Capital improvements completed include copper plumbing throughout, a newer Weil-McLain boiler (2017), updated electrical wiring, a newer hot water system (2016), and a full tear-off replacement of half the roof (2020).
A new owner has the opportunity to unlock significant value through full-unit renovations and duplexing the three non-conforming garden units, creating (2) 5bd/3ba units and (1) 3bd/2ba unit. Additionally, current rents are approximately 30% below market for comparable modernized units, presenting an immediate opportunity for increased cash flow through upgrades and improved leasing strategies.