Essex Realty Facilitates Sale Of 10-Unit Mixed-Use Property In Little Italy For $2.7M

Essex Realty Group, Inc. recently facilitated the sale of a mixed-use property located at 1321-1331 W. Taylor Street in the Little Italy neighborhood of Chicago. The property consists of a 10-unit multifamily building along with an adjacent 4,700 SF parking lot. The sale price for this investment opportunity was $2,705,000, with each unit priced at approximately $270,500.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,705,000
• Market: Little Italy, Chicago
• Address: 1321-1331 W. Taylor St.
• Units: 10
• Price per Unit: $270,500

Matt Feo, a broker from Essex Realty, represented the buyer in this transaction. The property attracted the interest of various investors and was placed under contract within three weeks of being on the market. Ultimately, it was sold to a local investor for 98% of the list price. Furthermore, the property presented a unique opportunity to acquire multiple adjacent lots along Taylor Street. It comprises a 4,315 SF street-level retail space, three studio apartments, and six 2-bedroom/1-bathroom apartments. Additionally, there is a 4,700 SF parking lot adjacent to the property. This prime location in Little Italy offers close proximity to bars, restaurants, cafes, the UIC Student Campus, Rush Medical Campus, and nearby CTA stations.

Note: The buyer's representative, Matt Feo, handled the sale of this mixed-use development opportunity in Little Italy.