Chicago's Old Town Multifamily Trades For $450K& Per Unit

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of a four-unit multifamily property located at 1401 N Mohawk St in Old Town, Chicago. The property was marketed for sale by Essex director Abe Eilian and attracted multiple offers. Eventually, the property was purchased by an out-of-state investor for a sale price of $1,805,000, which translates to $451,250 per unit.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,805,000
• Address: 1401 N Mohawk St, Old Town, Chicago
• Market: Old Town, Chicago
• Broker: Abe Eilian - Essex Realty
• Units: 4
• Price Per Unit (PPU): $451,250

The property, located on the east side of Mohawk Street, is just steps away from Wells Street and North Avenue. It is conveniently situated less than a half-mile from the Sedgwick Brown/Purple Line. The apartment building underwent a complete renovation and was rebuilt in 2020, effectively making it a new construction property. This four-unit multifamily asset comprises one-, two-, three-, and four-bedroom apartment floorplans. Each unit features hardwood floors, stainless steel appliances, quartz countertops, and in-unit laundry.

Abe Eilian described the property as an exceptional turn-key investment opportunity. Its thoughtfully designed and oversized units make it an attractive option for a live-in owner looking to offset their living expenses through rental income generated from the other three apartments. The buyer saw the potential for long-term rental upside in this well-located asset.