2936 North Allen Avenue

Located on Chicago’s Northwest Side, Avondale is a vibrant and evolving neighborhood known for its residential charm, diverse dining scene, and convenient access to transportation. The area features a mix of classic Chicago two-flats, vintage multifamily buildings, single-family homes, and newer residential developments, attracting residents seeking a balance of neighborhood character and urban convenience. Milwaukee Avenue and Belmont Avenue serve as key commercial corridors, offering a variety of restaurants, coffee shops, local businesses, and entertainment options. Residents enjoy access to nearby parks, neighborhood amenities, and the Chicago River, along with convenient transportation via the CTA Blue Line, multiple bus routes, and the Kennedy Expressway. With its proximity to Logan Square, strong rental appeal, and continued neighborhood investment, Avondale remains an attractive location for residents and multifamily investors alike.Essex Three-Twelve is pleased to offer 2936 N Allen Avenue, a three-unit (2 + 1 non-conforming) building in Avondale, just north of Logan Square, at $679,000 ($226,333 per unit). Steps from the Milwaukee Avenue corridor, the property gives investors stable income today and a clear path to higher rents as leases roll. The building has a 3 bed / 1 bath garden unit, a 2 bed / 1 bath unit, and a non-conforming 1 bed / 1 bath attic unit. The units have updated kitchens with stainless steel appliances, hardwood floors, central air, and in-unit laundry. The property also has a 1.5-car garage, a private backyard, and a front porch rebuilt in 2026. All three units are leased through mid-to-late 2027 at a combined $4,800 per month, for a 5.66% in-place cap rate. Rents sit below nearby comparables, where 3-beds lease for up to $2,500 and 2-beds for up to $2,550. Bringing rents to market lifts the cap rate to 6.85% with no capital investment. Avondale has become one of the Northwest Side’s most in-demand rental neighborhoods. The Milwaukee and Belmont Avenue corridors are lined with local shops, coffee shops and well-known spots like Kuma’s Corner, Honey Butter Fried Chicken and Revolution Brewing’s Kedzie taproom. The Belmont Blue Line station is about half a mile away and gives tenants a direct ride to the Loop and O’Hare. The #77 Belmont and #56 Milwaukee buses and quick access to the Kennedy Expressway round out the property’s commuter appeal.