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Essex Realty Group Facilitates Sale Of Bucktown Multifamily Property For $1.1M

1402 North Maplewood Avenue
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This MultiFamily property located in IL was sold for $1,100,000 over 2 years ago. The brokers of the deal were Sarah Rider, Jarret Remington, Jordan Gottlieb, and James (Jim) Darrow

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 1402 N. Maplewood Avenue in Chicago's West Bucktown neighborhood. The seller, a local investor, hired the Essex team of Jim Darrow, Jordan Gottlieb, and Sarah Rider to exclusively market the property for sale. After an extensive marketing campaign resulting in more than 20 property tours and five offers, a local investor purchased the six-unit greystone apartment building for $1,100,000. The property is a beautiful six-unit greystone apartment building with a unit mix of four 2 bed/1 bath apartments and two 3 bed/1 bath apartments. Three of the units have been recently updated with stainless steel appliances, modern cabinetry, granite countertops, renovated bathrooms, and washer/dryer in-unit. The property presented multiple value-add strategies, including updating the remaining units and raising rents to capture rental upside.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $1,100,000
  • Property Address: 1402 N. Maplewood Ave, Chicago, IL
  • Market: West Bucktown, Chicago
  • Asking Price: $1,195,000
  • Square Footage: 9,000 SF
  • Price Per Square Foot: $122
  • Number of Units: 6
  • Price Per Unit: $183,333

Essex Realty Group, Inc. worked with the seller, a local investor, to market the property and facilitate the sale. The team, consisting of Jim Darrow, Jordan Gottlieb, and Sarah Rider, conducted an extensive marketing campaign that resulted in over 20 property tours and five offers. Ultimately, a local investor purchased the property for $1,100,000. The transaction presented opportunities for value-add strategies, such as updating the remaining units and raising rents to capture additional rental income.

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Deals
  • Location
    1402 North Maplewood Avenue, Chicago, IL, USA1402 North Maplewood Avenue, Chicago, IL, USA
  • Sale Price
    $1,100,000$1,100,000
    $122 PPSF$122 PPSF
  • Area
    9,000 SF9,000 SF
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    4 Brokers, 2 Agencies4 Brokers, 2 Agencies

Agents

Sarah Rider

Sarah Rider

Deals9
Sold$20.9M

Agencies

Essex Realty Group

Essex Realty Group

Agency
Deals380
Volume$1.6B

Compass

Compass

Agency
Deals2902
Volume$20.9B

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Deal Summary

SALE IMAGE: Sarah Rider, Jordan Gottlieb, Jim Darrow & Jarret Remington DATE: 11/18/2021 ADDRESS: 1402 N. Maplewood Ave MARKET: West Bucktown, Chicago ASSET TYPE: Multifamily BROKERS: Jim Darrow, Jordan Gottlieb & Sarah Rider - Essex Realty (@Chicagomultifamily_EssexRealty); Jarret Remington (@HomesofChicago) - Compass ASKING PRICE: $1,195,000 SALE PRICE: $1,100,000 SF: 9,000 ~ PPSF: $122 UNITS: 6 ~ PPU: $183,333 NOTE: Essex Brokers Facilitate Sale of Bucktown Value-Add Property Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 1402 N. Maplewood Avenue. The seller, a local investor, hired the Essex team of Jim Darrow, Jordan Gottlieb and Sarah Rider to exclusively market the property for sale. After an extensive marketing campaign resulting in more than 20 property tours and five offers, a local investor purchased the property for $1,100,000. 1402 N. Maplewood Avenue is a beautiful six-unit greystone apartment building located in Chicago’s West Bucktown neighborhood. The unit mix is comprised of four 2 bed/1 bath apartments and two 3 bed/1bath apartments. Of the six units, three were recently updated with stainless steel appliances, modern cabinetry, granite countertops, renovated bathrooms and washer/dryer in-unit. The property presented multiple value-add strategies including a proven strategy for updating the remaining units and raising rents to capture rental upside.

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1402 North Maplewood Avenue

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