Essex Realty Group Facilitates Sale Of Logan Square Multifamily Building For $1.9M

A multifamily building located at 2407 N. Kedzie Boulevard in Logan Square, Chicago has been sold for $1,945,000. The property consists of 7 units, with an average price per unit of $277,857.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $1,945,000
• Address: 2407 N. Kedzie Blvd
• Market: Logan Square, Chicago
• Brokers: Jim Darrow & Jordan Gottlieb - Essex Realty
• Date: 09/23/2021

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. facilitated the sale of the property. The seller, a local investor, enlisted the services of Jim Darrow and Jordan Gottlieb from Essex Realty to market the property. Within a 16-day timeframe, the property generated significant interest, with over 24 property tours and multiple offers.

The property has a notable value-add opportunity, as it was fully renovated in 1990 and has been well-maintained by the previous long-term family ownership. Potential investors were attracted to the possibility of implementing cosmetic updates to the apartments and modernizing the property by adding in-unit laundry and individual HVAC systems.

It is important to note that the sale of the Logan Square multifamily building exceeded the list price by $50,000, reflecting the strong demand for properties in this sought-after neighborhood.