Location Summary

• The Subject property is located in the Kenwood neighborhood, approximately six miles south/southeast of the Chicago CBD. Kenwood is rapidly reviving itself to its former glory. The area on the city's south side was once a refuge for Chicago's elite who, to escape the clamor of downtown Chicago, built enormous homes on the Lake Michigan shoreline. Today, Kenwood gracefully echoes its lavish beginnings with historic streets, official landmarks and an ever-growing commercial district. Kenwood is flanked with landmark buildings and breathtaking homes designed by influential architects such as Frank Lloyd Wright. Kenwood is associated with a name that has gained worldwide recognition in recent years, Barack Obama. He and his family live in the upscale section of the neighborhood where million-dollar properties are the norm. Other areas of Kenwood offer more affordable real estate in the way of condominiums and three-bedroom single-family houses. Along with a growing commercial district, Kenwood has established itself as a center for the arts. Two design and art galleries are located in the community, supplying residents and other Chicagoans with venues to exhibit their creative talents and educational opportunities to fine tune those artistic skills. Kenwood is well-located within the Chicago metro area. A typical commute to downtown by rail from Kenwood is about 15 to 20 minutes, door to door. To O’Hare Airport, it’s about an hour and ten minutes. By car, a typical drive to the downtown Loop without traffic would take about ten minutes, and a trip to O’Hare would be about 25 to 30 minutes. Multifamily rents have experienced a material uptick in Kenwood and it surrounding areas over the last 24 months. That is expected to continue as many south side neighborhoods, such as Bronzeville, Hyde Park, and Grand Boulevard are becoming increasingly trendy and desirable.
• Atlas Asset Management Realty is pleased to present, for sale, 4342-44 S. Ellis Avenue, a 40-unit multifamily apartment building in Chicago's historic Kenwood neighborhood. The building unique architectural features on the exterior and interior, including a restored foyer and common area, and beautiful common hallways with hardwood floors. The unit mix is as follows: 27 studio units 12 1bed/1bath units 1 2bed/1bath units The property is currently 93% occupied with all three vacant units currently being renovated. Rehab finishes include click-and-lock laminate flooring where needed or refinishing existing hardwood floors if possible, granite countertops, stainless steel appliances, new kitchen cabinetry, flush mount light fixtures, new bathroom vanities and tile floors. Existing unit finishes consist of formica countertops, a mixture of kitchen appliances along with a mix of carpet and wood flooring. The building has a central boiler heating system, one 100-gallon hot water tank and common coin-operated laundry facilities - all are located in the building basement area. Also located in the basement is about 800 SF of storage units. The units are separately metered for electricity and cooking gas.