Essex Realty Facilitates Sale Of 14-Unit Mixed-Use Building On Chicago's West Town For $2.76M

A 14-unit mixed-use building located at 1856 W Chicago Ave in the West Town neighborhood of Chicago recently sold for $2,760,000. The sale was facilitated by Jim Darrow and Jordan Gottlieb of Essex Realty. The property features a mix of large two-bedroom apartments and two street-level retail spaces, currently occupied by H&R Block and Chang’s Martial Arts. With a price per unit of $197,143, this unique property attracted a local investor after a successful marketing campaign led by Essex Realty, which included 20 property tours and resulted in a signed contract within just two weeks on the market.

Summary of transaction details:

• Property Type: Mixed-use
• Sale Price: $2,760,000
• Address: 1856 W Chicago Ave
• Market: West Town, Chicago
• Units: 14
• Price Per Unit: $197,143

The seller of 1856 W Chicago Ave was represented by Jim Darrow and Jordan Gottlieb of Essex Realty. They were able to secure several great offers on the property, highlighting the rising rents in the neighborhood and the property's favorable location near public transportation and downtown Chicago. The West Loop/Fulton Market district is also easily accessible from this location, adding to its appeal for potential investors.

This transaction showcases the expertise of Essex Realty in the multifamily brokerage market, especially in the West Town area. The success of this deal further reinforces their reputation as a trusted brokerage firm, able to navigate the complexities of the market and deliver successful closings for their clients.