West Ridge Multifamily Property Sells Over List Price In Chicago For $1.675M

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 2453-2457 W. Fargo Avenue, a corner 13-unit multifamily property located in Chicago's West Ridge neighborhood. The property sold for $1,675,000, which was $30,000 over the original list price. The transaction took place on March 30, 2022.

Summary of transaction details:

• Property Type: Multifamily
• Sale Price: $1,675,000
• Number of Units: 13
• Price Per Unit: $128,846
• Market: West Ridge, Chicago

Abe Eilian and Matt Feo represented the seller, a local investor, and led an extensive marketing campaign that resulted in 22 property tours and multiple offers within a three-week timeframe. On the buyer's side, Steve Livaditis and Jacob Goldstein, both of Essex Realty, represented a local investor. The transaction was facilitated by Essex Realty Group, Inc.

"The activity and interest that this property generated is just another indicator of how strong the appetite is for West Ridge and the stability it offers to investors," said Abe Eilian of Essex Realty Group, Inc.

Matt Feo added, "The outcome of this transaction was another great example for the importance of tactful pricing. Pricing a listing correctly is the best way to create momentum in the marketing process; leading to more showings, offers, competition amongst buyers, and ultimately better overall pricing and terms."