Essex Realty Facilitates $6.2M Sale Of Lakeview Multifamily Building

The Chicago-based multifamily brokerage firm, Essex Realty Group, facilitated the sale of a 36-unit apartment building located at 3500 N. Fremont Street in the Lakeview neighborhood of Chicago. The property, situated on the northwest corner of Cornelia Avenue and Fremont Street, consists of studio and one-bedroom apartments. Essex Realty was hired by a local investor to exclusively market the property for sale and successfully led an extensive marketing campaign resulting in over 16 property tours and multiple offers.

Summary of transaction details:

• Property Type: Multifamily
• Sale Price: $6,200,000
• Address: 3500 N. Fremont Street, Lakeview, Chicago
• Market: Lakeview, Chicago
• Units: 36
• Price Per Unit (PPU): $172,222

The property was successfully sold to a local investor for a price of $6,200,000, which translates to $172,222 per unit. Steve Livaditis, a Principal at Essex Realty, represented the buyer in this transaction. The buyer was attracted to the building's unique features, including its bright and sunny apartments due to the corner location and the rare opportunity to own a multifamily property located less than two blocks from the world-famous Wrigley Field. Additionally, the buyer saw potential in significantly raising rents and adding value to the property by updating the remaining units to meet current market standards.

3500 N. Fremont Street enjoys a convenient location, just two blocks away from Wrigley Field and the Addison Red Line CTA Station. It is also approximately half a mile from Chicago's beautiful lakefront. Out of the 36 units, 20 have already been renovated to include hardwood floors, stainless steel appliances, quartz countertops, and custom tile backsplashes. With the potential for further renovations and rent increases, the property presented an excellent investment opportunity for the buyer.

Overall, the sale of 3500 N. Fremont Street demonstrates Essex Realty Group's expertise in the multifamily market and their ability to successfully market and sell properties in Chicago's desirable Lakeview neighborhood.