Essex Realty Sells 12-Unit Edgewater Apartment Building For $2.8M

Situated on the corner of Highland Avenue and Glenwood Avenue in Chicago's Edgewater neighborhood, 1401 W. Highland Avenue is a 12-unit apartment building that was recently sold for $2,800,000. The property, marketed by the Essex Team of Rick Ofman, Jaimie Steinher, Dan Shepherd, Doug Imber, and Kate Varde, attracted strong buyer activity and went under contract after just one day of tours. The sale was facilitated by Chicago-based multifamily brokerage firm Essex Realty Group, Inc.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $2,800,000
• Units: 12
• Price per Unit: $233,333
• Square Footage: 10,650
• Price per Square Foot: $263
• Market: Edgewater, Chicago

The buyer, represented by Essex Realty broker Matt Feo, recognized the value-add potential of the property, which is located just a short distance from Loyola University's main campus. With all two-bedroom apartments, the building offers the opportunity to increase rental rates, as they were 10 to 15% below market value. Additionally, the property is situated in the Additional Dwelling Unit (ADU) area, allowing the possibility of adding up to four more apartments in the basement through the city's ADU program.

The quick sale of 1401 W. Highland Avenue demonstrates the strong interest in the area just north of Andersonville. The property's strategic location and potential for value enhancement made it an attractive investment for the buyer, who successfully closed the deal in less than 90 days.