KF Real Estate Holdings purchased this wood frame, two-story, property in June 2002.  Built in 1887, the building was in poor physical condition and suffered from an awkward and inefficient configuration as a two-unit apartment, but it was in an “up-and-coming” area in close proximity to the hip Bucktown neighborhood on the near northwest side of Chicago, Illinois.  Due to its condition and configuration we were able to acquire the building for a discounted price and its location just outside the boundaries of the popular Bucktown neighborhood allowed for the property to be converted into a modern, urban single family home at a more competitive price point than similar newly constructed or renovated homes in Bucktown proper.  An extensive “gut-rehab” of the property was completed in mid-2003 which transformed the property into a contemporary, four bedroom, three bathroom, single family home.   After a fourteen month overall holding period, the finished property was sold in August 2003 for $451,500.

2623 West Cortland Street: Chicago, Illinois 60647

This property is located in an “up-and-coming” area on the near northwest side of Chicago, Illinois that is becoming known as West Bucktown due to its close proximity to the hip and sought-after Bucktown neighborhood just to the east.  Bordered by Western, North, Armitage, and California avenues, West Bucktown is primarily a residential neighborhood of older, one to three family properties that has seen a rise in new construction and renovation activity due to the increasing popularity of the Bucktown area and its easy access to the CTA’s Blue Line elevated train, the Kennedy Expressway (I-90/94), and downtown Chicago.

When it was acquired in June, 2002, 2623 W. Cortland was a two-story, wood frame, building in poor condition. Having been built in 1887, it suffered from an awkward and inefficient configuration as a two unit apartment and required substantial updating and improvement.  The ability to acquire the property for a discounted price due to its condition as well as its location in an “up-and-coming” area bordering the sought-after Bucktown neighborhood allowed for the conversion to a modern, single family home at a more competitive price point than similar newly built or renovated homes within the traditional boundaries of Bucktown.  An extensive interior and exterior renovation was completed in mid-2003 which created a contemporary, urban single family home with 4 bedrooms, and 3 bathrooms.

Highlights of the renovation included maple hardwood flooring throughout; custom kitchen with maple cabinets, slab granite counters, and stainless steel appliances; designer marble baths; a large second floor master suite with walk-in closets; finished basement; dual-zoned heating and cooling system; and landscaped rear yard with large deck and detached two car garage.

Upon completion of renovation, the property was sold in August 2003 for $451,500.

Photographs: Before and After Renovation