Essex Realty Group Facilitates Sale Of Ukrainian Village Multifamily Building For $1.22M

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 1041 N. Hermitage Avenue, a corner six-unit multifamily property located in a prime pocket of Chicago’s East Ukrainian Village neighborhood. The property, situated on the southeast corner of Hermitage Avenue and Cortez Street, is just two blocks south of the vibrant Division Street commercial corridor. It consists of six apartment units, with a mix of one- and two-bedroom layouts. The apartments feature hardwood flooring throughout, along with various levels of updates to the kitchens and bathrooms as units have turned over throughout the years. The property offers potential value-add opportunities for a new owner.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $1,220,000
• Date: 12/29/2021
• Address: 1041 N. Hermitage Ave
• Market: Ukrainian Village, Chicago
• Units: 6
• Price Per Unit: $203,333

The seller, a local investor, enlisted Abe Eilian from Essex Realty Group as the broker to exclusively market the property for sale. Eilian led an extensive marketing campaign that resulted in 30 property tours and attracted 13 offers. Ultimately, the property was sold for $1,220,000, which represents 98% of the list price. The buyer, also a local investor, was represented by Eilian as well. This transaction marks the first time the Ukrainian Village multifamily building changed hands in 35 years.