Essex Realty Group Facilitates Sale Of Multifamily Property In Park Ridge For $1.84M

Essex Realty Group, Inc. has announced the sale of a 16-unit multifamily building located at 1620 W. Dempster St in Park Ridge, IL. The property was sold for approximately $1,840,000. The sale was facilitated by Essex Directors Brian Mond and Brian Karmowski, who represented the seller, a local investor.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $1,840,000
• Units: 16
• Price Per Unit: $115,000

The 16-unit property consists of studio and one-bedroom apartments, offering a value-add opportunity for the new owner to complete additional renovations and increase rental income. The building features 22 exterior parking spaces and 14 covered garage spaces. In 2010, the units underwent partial renovations, including new flooring, white kitchen cabinets, and stainless-steel appliances. Shared laundry facilities are available on-site.

The property's location is highly desirable, being directly across the street from Lutheran General Hospital and less than a mile from Maine East High School. Dempster St, where the property is located, offers a range of shops and restaurants. Additionally, the Dee Road Metra Station is conveniently situated 1.5 miles away, providing easy access to downtown Chicago and surrounding suburbs.

This sale marks the fourth suburban multifamily property closed by Essex Realty Group, Inc. in the last three months. Other recently closed properties include 6718 174th Place in Tinley Park, 2058 Linden Avenue in Waukegan, and 1324 E. Roosevelt Road in Wheaton. The success of these transactions highlights the ongoing demand for well-located suburban properties.