Essex Realty Group Facilitates $2.43M Sale Of 19-Unit Multifamily In Rogers Park-Chicago

An apartment building located at 1637-1641 W. Estes Avenue in Chicago's East Rogers Park neighborhood has recently been sold for $2,430,000. The transaction was facilitated by Steve Livaditis and Jacob Goldstein from Essex Realty Group. The property consists of 19 units, with each unit valued at approximately $127,894.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $2,430,000
• Address: 1637-1641 W. Estes Avenue, Rogers Park, Chicago
• Market: Rogers Park, Chicago

Essex Realty Group was exclusively hired to market the property, leading an extensive marketing campaign that resulted in over 13 tours and five offers within a 20-day timeframe. The property sold for 97% of the list price to a local investor. Livaditis and Goldstein not only represented the seller but also acted as the buyer's representatives in this deal.

The apartment building at 1637-1641 W. Estes Avenue features a unique "L" shaped walk-up design and offers spacious one-bedroom apartments with four different floor plans. There are also potential value-add opportunities for the new owner, including the possibility of converting dining rooms into second bedrooms. With the favorable size of the units and the high demand for housing in East Rogers Park, the property presents significant future upside.

This transaction marks the third apartment building in the Rogers Park area sold by the Essex team in the past two months. Two other properties, located at 1426 W. Jonquil Terrace and 1649 W. Jonquil Terrace, were recently sold as well.