1414-24 W. Devon, Chicago, IL 60660 For Sale

Kiser Group has been exclusively engaged to market for sale 1414-24 W. Devon, a 24-unit mixed-use property located in Chicago's Rogers Park neighborhood. This 1920s constructed asset is well-situated just 0.4 miles to the Loyola University campus, 0.5 miles to the Loyola Red Line CTA station, and 0.6 miles to Lake Michigan.

The building features a strong unit mix of large apartments, comprising eight (8) 2 bed / 1 bath units, and ten (10) 3 bed / 1 bath units. Apartment finishes offer upgraded interiors mixed with a vintage charm, including granite countertops, shaker cabinetry, and hardwood floors. Additionally, there are six (6) 100% occupied ground-floor retail spaces, totaling ~5,000 square feet. Common amenities include an on-site laundry room and 3-car garage. Current apartment rents are ~11.00% below market for nearby apartments with similar finishes, allowing for new management to operate more aggressively.

Set-up just 0.4 miles from Loyola University and 0.5 miles from the Loyola Red Line, new ownership is guaranteed a property in a location that will always be sought after. This acquisition provides consistent demand from students and hedges against a continuously changing market.

Rogers Park is located 10 miles from downtown and is the furthest north side neighborhood in Chicago. With Lake Michigan to its east, Rogers Park spans from Devon Avenue to the south, Ridge Avenue to the west and Howard Street to the north. The area is home to Loyola University Chicago, multiple CTA Red Line stops, and is one of the most diverse neighborhoods in the city.

Loyola University Chicago is an economic driver for Rogers Park with 11,919 undergraduate students. For the past three years, Loyola’s incoming first-year class has continued to break the record for the school’s largest class. The large student body population is driving restaurant and local amenity developments. Multifamily development has increased in this neighborhood, including luxury apartments like The Morgan, 415 Premier Apartments, and Albion at Loyola Station.

Students have ample assess to public transportation and recreation. The CTA Red Line stops include Howard, Jarvis, Morse, and Loyola. In 2013, the Loyola stop underwent a $17 million renovation that included a plaza. Bus Routes include the #22 (Clark) and #147 (Outer Drive Express). With over one mile of publicly accessible beaches, residents enjoy the natural amenity and beauty of Lake Michigan.