Essex Realty Facilitates Sale Of West Town Multifamily Property

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 858 N. Wood Street, a 10-unit multifamily property located in Chicago’s popular West Town neighborhood. The property, consisting of a mix of one- and two-bedroom apartments, is situated on the corner of Wood Street and Iowa Street. It features vintage apartment units with individual heat. An opportunity exists for an investor to renovate the units with new kitchen and bathroom finishes and potentially add in-unit laundry and individual HVAC systems. The property was sold for $1,825,000, equating to $182,500 per unit.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $1,825,000
• Date: 04/21/2022
• Address: 858 N Wood St, West Town, Chicago
• Brokers: Jim Darrow & Jordan Gottlieb - Essex Realty
• Units: 10
• Price per Unit (PPU): $182,500
• Market: West Town, Chicago

Essex Realty Group's principal, Jordan Gottlieb, was exclusively hired by the seller, a local investor, to market the property for sale. The extensive marketing campaign led to 19 property tours and six offers. Ultimately, the property was purchased by a local investor. Jordan Gottlieb and Essex Principal Jim Darrow represented the buyer in the transaction.

Last month, Essex Realty Group closed another multifamily property in West Town. The property located at 2331 W. Superior Street consisted of 14 units and sold for $2,250,000.