Essex Realty Group Facilitates Sale Of Uptown Multifamily Building In Chicago For $1.3M

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of a six-unit multifamily apartment building located at 4635-4637 N. Winthrop Avenue in Uptown, Chicago. The property was exclusively marketed for sale by Essex Principal Jim Darrow and Director Jaimie Steinher. Through their extensive marketing campaign, the property garnered significant interest, resulting in over 25 property tours and more than five offers. Ultimately, the property was sold to an out-of-town investor for $1,295,000, equating to $215,833 per unit.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,295,000
• Units: 6
• Price per Unit: $215,833
• Address: 4635-4637 N. Winthrop Avenue
• Market: Uptown, Chicago

The six-unit multifamily apartment building features expansive 2-bedroom and 1-bathroom apartments. Three of the units have been recently updated with high-end stainless steel appliances, white shaker-style kitchen cabinets, quartz countertops, modern bathroom vanities, and new drywall. These upgraded units command higher rents compared to the remaining three units. The new owner intends to continue this renovation strategy to enhance the rental potential of the property.

According to Jaimie Steinher, the property's sale represents an opportunity for investors to acquire a quality asset with rental upside in a rapidly appreciating area near the lake and public transportation. Uptown, Chicago is undergoing a transformation into a premier lakefront neighborhood, attracting private and public investment.

NOTE: Essex Realty Group served as the broker in this transaction, representing both the seller, a local investor, and the buyer, an out-of-town investor.