SOLD
Essex Realty Group Brokers $1.5M Sale Of 6-Unit Multifamily Property In Wicker Park
1320 North Wicker Park Avenue
MultiFamily
5,901 SF
5,901 SF
Sold 1 year ago
Summary
Sale
ILLINOIS
MultiFamily
5,901 sqft
1320 N. Wicker Park Avenue, a six-unit multifamily property located in Chicago’s vibrant Wicker Park neighborhood, has been sold for $1,575,000. The apartment building, under the same ownership for over 30 years, was meticulously maintained during its tenure. The unit mix consists of one- and two-bedroom floorplans, featuring hardwood flooring throughout. The kitchens and bathrooms have been updated as apartments have turned over throughout the years. The property benefits from the neighborhood's low vacancy rates, rising rents, close proximity to public transportation, nightlife, and schools.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $1,575,000
- Units: 6
- Price Per Unit: $262,500
- Date: 07/22/2021
- Market: Wicker Park, Chicago
- Seller's Brokers: Steve Livaditis, Jacob Goldstein, Jordan Gottlieb - Essex Realty Group, Inc.
- Buyer's Broker: Jordan Gottlieb - Essex Realty Group, Inc.
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. facilitated the sale of 1320 N. Wicker Park Avenue. The property was exclusively marketed by Essex Principal Steve Livaditis and Director Jacob Goldstein, resulting in 16 property tours. After receiving multiple offers, the property was under contract within four weeks of marketing. Essex Principal Jordan Gottlieb represented the buyer, a local investor, in the transaction.
Players
All
4
Agents
3
Agencies
1
Details
SOLD
IMAGE: Steve Livaditis, Jacob Goldstein & Jordan Gottlieb
DATE: 07/22/2021
ADDRESS: 1320 N. Wicker Park Avenue
MARKET: Wicker Park, Chicago
ASSET TYPE: Multifamily
BROKERS: Steve Livaditis, Jacob Goldstein, Jordan Gottlieb - (@ChicagoMultifamily_Essexrealty)
SALE PRICE: $1,575,000
UNITS: 6 ~ PPU: $262,500
NOTE: Wicker Park Apartment Building Trades Hands For First Time In Over 30 Years
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. brokered the $1.5 million sale of 1320 N. Wicker Park Avenue, a six-unit multifamily property located in Chicago’s vibrant Wicker Park neighborhood.
Essex Principal Steve Livaditis and Director Jacob Goldstein were retained to exclusively market this property for sale on behalf of a local investor. The Essex team completed an extensive marketing campaign resulting in 16 property tours. After receiving multiple offers the property was under contract within four weeks of marketing. Essex Principal Jordan Gottlieb represented the buyer, a local investor, who purchased the property for approximately $1,575,000.
“It was a pleasure representing the seller of this property and I congratulate everyone involved in this recent sale,” said Goldstein. He continued, “Investors were drawn to this investment opportunity due to the great location and potential upside stemming from multiple value-add opportunities.”
This Wicker Park apartment property has been under the same ownership for over 30 years and has been meticulously maintained during its tenure. The unit mix is comprised of one- and two-bedroom floorplans. The apartments feature hardwood flooring throughout accompanied by various levels of updates to the kitchens and bathrooms as apartments have turned over throughout the years. The property benefits from the neighborhood's low vacancy rates, rising rents, close proximity to public transportation, nightlife, and schools.View on map
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Address1320 North Wicker Park Avenue
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