2418 North Western Avenue

The property sits at the convergence of Bucktown, Logan Square, and West Lakeview on Chicago's North Side, one of the city's most in-demand rental corridors. The Western Blue Line station, roughly a half mile north at 1909-11 N Western Ave, sits within Bucktown and carried over 1.1 million riders in 2025, up 11.3% year over year, giving tenants a direct rail connection to the Loop and O'Hare. The property is also served by the CTA #49 Western bus, which runs directly along Western Avenue, and the CTA #74 Fullerton bus, connecting east-west to the Fullerton Blue Line stop and the lakefront. Interstate 90/94 (the Kennedy Expressway) runs immediately east of the property, with the Fullerton Avenue exit providing quick regional access for commuters who drive. The surrounding blocks are anchored by the retail and dining corridors along Milwaukee Avenue, Fullerton Avenue, and Western Avenue, offering tenants a dense mix of cafes, restaurants, and shops within walking distance. Bucktown and Logan Square continue to draw renters for their walkable, bike-friendly street grid and their concentration of independent retail and nightlife, sustaining strong and consistent rental demand across the submarket.Essex Three Twelve is pleased to offer 2418 N Western Avenue, a four-unit residential building in Bucktown, at $900,000. The Property is configured as a three-unit building with a coach house in the rear, delivering four separate 1 Bed/1 Bath units across roughly 3,000 net rentable square feet on a 2,725 SF lot. Constructed in 1883, the building combines classic Chicago architectural character with updated infrastructure: each unit runs on individual HVAC with its own 100-amp electrical panel and dedicated 50-gallon hot water tank, plumbing is a mix of copper and galvanized, and the building carries vinyl windows and a pitched asphalt shingle roof. Laundry is common-area, enclosed porches serve the rear of the building, and the offering includes one exterior parking space. The Property is priced at a 5.07% cap rate and 10.51x GRM on in-place income, with meaningful upside already embedded in the rent roll. Current average rent across the four units is $1,756/month against a $2,300/month market average. Simply marking the existing leases to market — with no capital investment required — pushes collected income to $108,960 and the cap rate to 8.05% (7.93x GRM), turning a negative current-year cash-on-cash return into a 9.91% return once stabilized. One unit (2F) has already delivered vacant, giving a new owner an immediate opportunity to re-lease at market rather than waiting out the existing roll. 2418 N Western Avenue sits at the convergence of Bucktown, Logan Square, and West Lakeview, four blocks from the Western Blue Line station and within a submarket carrying an average household income of $179,104 within one mile. The immediate area continues to see strong, consistent rental demand, supporting the rent growth underwritten above.