Essex Realty Facilitates Sale Of Logan Square Multifamily Building For $1.47M

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 2823-2827 N. Central Park Avenue, a multifamily apartment building located in Logan Square, Chicago. The property, situated on a double-wide lot measuring 50’ x 125’, consists of eight spacious 2 bed/1 bath apartments. Six of the units have newer appliances and updated kitchens and bathrooms, while the remaining two units could benefit from a renovation. Two of the eight apartments have a washer/dryer in-unit, and there is also a laundry room in the basement.

Summary of transaction details

• Property Type: Multifamily
• Sale Price: $1,475,000
• Address: 2823-2827 N. Central Park Avenue, Logan Square, Chicago
• Market: Logan Square, Chicago
• Units: 8
• Price per Unit (PPU): $184,375

The seller enlisted the services of Jordan Multack, a director at Essex Realty, to market the property exclusively. Through an extensive marketing campaign led by Multack, the property attracted significant interest, resulting in more than 15 tours and five offers. Ultimately, the property was sold to a local investor for $1,475,000, with each unit priced at $184,375. Notably, Multack also represented the buyer in the transaction.

The new owner, a repeat client of Essex Realty, intends to add value to the property by renovating the kitchens and bathrooms and installing individual HVAC and laundry facilities in each unit. Logan Square continues to pique investor interest, as evidenced by the number of properties listed in the area by Essex Realty. Last month, Essex brokers closed a seven-unit multifamily property on N. Kedzie Boulevard, selling for $50,000 over the list price.