Essex Brokers Logan Square Multifamily Property For $1.61M

Essex Realty Group, Inc. is pleased to announce the sale of a nine-unit multifamily property located at 2313 N. Albany Avenue in Chicago’s popular Logan Square neighborhood. The property, situated on the southeast corner of Albany Avenue and Medill Avenue, offers a great location and an ideal value-add opportunity. The building is in excellent condition due to dedicated long-term family ownership and presents the potential for further modernization by a new investor. The unit mix includes one- and two-bedroom floorplans with hardwood floors, white kitchen appliances, laminate countertops, oak cabinetry, ample closet space, back decks, separate gas-forced heat, and shared laundry in the basement. The property is conveniently located just three blocks north of Palmer Square Park and is a half mile from both the Logan and California Blue line L stops, providing excellent public transportation options for tenants.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $1,610,000
• Address: 2313 N. Albany Avenue, Logan Square, Chicago
• Market: Logan Square, Chicago
• Brokers: Jim Darrow, Jordan Gottlieb - Essex Realty Group, Inc.
• Date: 06/28/2021
• Units: 9
• Price Per Unit: $178,889

The sale of 2313 N. Albany Avenue was facilitated by Essex Principals Jim Darrow and Jordan Gottlieb from Essex Realty Group, Inc. The Essex team conducted an extensive marketing campaign, resulting in 22 tours and 12 competitive offers. Remarkably, the property went under contract after just two weeks of marketing and closed eight weeks later. The buyer, a local investor, purchased the property for approximately $1,610,000.