Essex Realty Announces Sale Of 6-Unit Multifamily Property In Niles, IL For $750K

Essex Realty Group, Inc. has recently closed the sale of a six-unit multifamily property located at 8828 N. Wisner Street in Niles, IL. The property was sold to a local investor for a total price of $750,000, which amounts to $125,000 per unit. The building is situated near the Milwaukee and Dempster intersection, offering convenient access to retail shops, restaurants, and public transportation. It has been well-maintained by the same owner for nearly 20 years. The unit mix includes five 2 bed/1 bath apartments and one 1 bed/1 bath apartment. The upstairs units feature hardwood floors throughout, while the bottom units have a mixture of laminate and carpet flooring. The property has a central boiler and water heater, and each unit has individual sleeve air conditioners provided by the owner.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $750,000
• Address: 8828 N. Wisner Street, Niles, IL
• Market: Niles, IL
• Units: 6
• Price per Unit: $125,000

Anthony Citriglia, the Director at Essex Realty Group, Inc., represented the buyer in this transaction. He highlights the attractiveness of the north suburbs of Chicago to investors due to the market's stability and strong tenant base. Citriglia also notes the scarcity of available properties in this market, leading to quick sales. This sale is part of a series of recent suburban multifamily property closings by Essex Realty, including properties in Bensenville, Wheeling, and Arlington Heights.