Roscoe Village Multifamily Sold For $1.54M With Essex Realty Group's Team

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of a beautiful brick center-entrance six-flat located at 1940 W. Addison Street in the heart of Chicago’s desirable Roscoe Village neighborhood. The property, with six parking spaces, consists of six large 2-bed/1-bath apartments. The units have spacious layouts with separate kitchen and dining rooms, decorative fireplaces, hardwood floors, private patio space, and varying levels of kitchen and bath finishes. Three of the units have been recently updated with stainless steel appliances, modern cabinetry, granite countertops, and renovated bathrooms. The sale price for this multifamily asset was $1,535,000, resulting in a price per unit of $255,833.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $1,535,000
• Address: 1940 W. Addison Street
• Market: Roscoe Village, Chicago

The seller, a local investor, exclusively hired the Essex Realty team of Doug Imber, Kate Varde, Jaimie Steinher, and Dan Shepherd to market the property. An extensive marketing campaign led to over 15 property tours and attracted six offers. Ultimately, a local investor purchased the property, with Dan Shepherd representing the buyer. The transaction presented multiple value-add strategies, including updating the remaining units and raising rents to capture significant rental upside.

NOTE: Essex Realty Group, Inc. facilitated the sale of 1940 W. Addison Street in Roscoe Village, Chicago. The property, a brick center-entrance six-flat, was sold for $1,535,000. The unit mix consists of six 2-bed/1-bath apartments with various levels of kitchen and bath finishes. The property offers potential for adding value through updating the remaining units and increasing rental rates.