31 N Lorel Ave
Marcus & Millichap is pleased to present this multi-family real estate opportunity in the Austin neighborhood of Chicago. The subject property of 31 North Lorel Avenue is located 7.8 miles west of Chicago's downtown loop area, 1.1 miles north of the CTA's Cicero Blue Line train station, 0.9 miles north of the I-290 Expressway, and 500 feet north of the CTA's Madison & Lockwood bus 20 stop. The unit mix for the subject property consists of ten two-bedroom one-bathroom units that measure 900 square feet and three three-bedroom one-bathroom units that measure 1,000 square feet respectively.
Austin which is located on the West Side of Chicago, and is one of 77 officially designated community areas in Chicago. It is currently the largest community area by population and the second largest geographically. With the second largest neighborhood population in the city, Austin has just over 97,000 permanent residents. The neighborhood is serviced by three different train lines; the CTA's Blue and Green Lines as well as the Metra Electric Milwaukee District West Line. The subject property is located just north of the retail corridor of Madison Street, offering residents a wide variety of national and local brands.
An investor can take full advantage of this real estate opportunity by capitalizing on the prime location of this asset plus the ability to raise current rents to conform with the rental market.