Essex Realty Group Sells Multifamily Property In Franklin Park To Local Investor For $2.35M

A multifamily property located at 10207-10217 Chestnut Avenue in Franklin Park, IL has been sold for $2,350,000. The property consists of two adjacent buildings on the same parcel, each containing 12 one-bedroom apartment units. Additionally, the parcel includes 19 exterior parking spaces. The sale was facilitated by Chicago-based multifamily brokerage firm Essex Realty Group, Inc.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $2,350,000
• Market: Franklin Park, IL
• Units: 24
• Price Per Unit: $97,917
• Broker: Derek Kaptanoglu - Essex Realty

Derek Kaptanoglu of Essex Realty Group, Inc. represented both the seller and the buyer in this transaction. The property was listed for sale, and after just 10 days on the market, it went under contract. Ultimately, it sold for $25,000 over the initial asking price to a local investor. The sale demonstrates the high demand for well-located suburban multifamily assets in the Chicago MSA. The property's previous owner meticulously maintained the buildings for over 15 years, and recent capital improvements have been made, allowing the new owner to focus on potential cosmetic updates to add value.