Essex Realty Group Facilitates Sale Of Bucktown Multifamily Property For $1.1M

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 1402 N. Maplewood Avenue in Chicago's West Bucktown neighborhood. The seller, a local investor, hired the Essex team of Jim Darrow, Jordan Gottlieb, and Sarah Rider to exclusively market the property for sale. After an extensive marketing campaign resulting in more than 20 property tours and five offers, a local investor purchased the six-unit greystone apartment building for $1,100,000. The property is a beautiful six-unit greystone apartment building with a unit mix of four 2 bed/1 bath apartments and two 3 bed/1 bath apartments. Three of the units have been recently updated with stainless steel appliances, modern cabinetry, granite countertops, renovated bathrooms, and washer/dryer in-unit. The property presented multiple value-add strategies, including updating the remaining units and raising rents to capture rental upside.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,100,000
• Property Address: 1402 N. Maplewood Ave, Chicago, IL
• Market: West Bucktown, Chicago
• Asking Price: $1,195,000
• Square Footage: 9,000 SF
• Price Per Square Foot: $122
• Number of Units: 6
• Price Per Unit: $183,333

Essex Realty Group, Inc. worked with the seller, a local investor, to market the property and facilitate the sale. The team, consisting of Jim Darrow, Jordan Gottlieb, and Sarah Rider, conducted an extensive marketing campaign that resulted in over 20 property tours and five offers. Ultimately, a local investor purchased the property for $1,100,000. The transaction presented opportunities for value-add strategies, such as updating the remaining units and raising rents to capture additional rental income.