Essex Realty Group Sells 43-Unit Multifamily Property In Chicago For $1.95M

7517 S. Coles Avenue in Chicago’s historic South Shore neighborhood has been sold for approximately $1,950,000. The 43-unit multifamily property, located just one block from Rainbow Beach, was the subject of an extensive marketing campaign led by Essex Realty Group, Inc. Director Brian Mond. The property features 43 studio, one- and two-bedroom apartments, as well as two non-conforming units. The apartments boast spacious layouts, separate living and dining rooms, and hardwood floors throughout. Additionally, there are 25 outdoor parking spaces available.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $1,950,000
• Units: 43
• Price Per Unit: $45,349
• Market: Chicago

Brian Mond, representing Essex Realty Group, Inc., facilitated the sale of 7517 S. Coles Avenue to an out-of-state buyer. Mond's diligent efforts resulted in more than 12 property tours and three offers. The property's proximity to the Windsor Park Metra Station provides residents with convenient access to Chicago's downtown business district. Notably, the South Shore neighborhood is included in the city's INVEST South/West initiative, aimed at revitalizing commercial corridors in designated communities. The neighborhood is also expecting further reinvestment with the approval of the Obama Presidential Center. These initiatives are set to benefit local businesses and residents in the area.