5615 N Mozart St
Marcus & Millichap is pleased to present this multi-family real estate opportunity in the Peterson Park neighborhood of Chicago. The subject property of 5615 North Mozart Street is located 9.1 miles north of Chicago's downtown loop area, 3.2 miles east of the I-94 Edens Expressway, 1.7 miles north of the CTA's Kimball Brown Line train station, and 0.1 miles north of the CTA's California & Bryn Mawr Avenue bus 93 stop. The unit mix for the subject property consists of two one-bedroom one-bathroom units that measure 650 square feet, four two-bedroom one-bathroom units that measure 850 square feet, and one three-bedroom one-bathroom unit that measures 1,200 square feet respectively. The new owner could potentially capitalize on additional income from dividing the one larger unit and utilizing the garage spaces. The owner currently owns one unit that could be separated into three units and the property has a three car garage & two outdoor spaces that are not rented because the seller is utilizing the space. Additionally, there are two laundry rooms in the building (washers & dryers are leased). The subject property is located within the Additional Dwelling Units (ADU) boundaries.
Peterson Park is a small wedge of West Ridge bounded by Bryn Mawr, Lincoln, and California avenues, and the eastern bank of the Chicago River. One of the oddest facts about the Peterson Park neighborhood is that that the 24-acre Peterson Park doesn't actually lie within its boundaries. The park is located a few blocks west of the river in the neighboring North Park neighborhood. The epicenter of Peterson Park is Lincoln Village, a retail center that is home to multiple name brand shops and big-box retailers, located off Lincoln Avenue just south of the Devon & Lincoln Avenue intersection.
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 and cash flow the property.