SOLD
Essex Realty Facilitates $1.0M Sale Of Multifamily Property In East Rogers Park
1426 West Jonquil Terrace
MultiFamily
12,909 SF
12,909 SF
Summary
Sale
ILLINOIS
MultiFamily
12,909 sqft
This exceptional center-entrance six-flat located at 1426 W. Jonquil Terrace in East Rogers Park, Chicago has recently been sold for the first time in 35 years. The property, marketed by Essex Realty Group, Inc., features five spacious three-bedroom apartments and one large two-bedroom apartment. It has been well-preserved over the 30+ years of ownership and offers potential for value-add strategies such as increasing rents and renovating to bring them to market level. The property includes formal dining rooms, oversized family rooms, and enclosed sunrooms.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $1,037,500
- Units: 6
- Price Per Unit: $172,916
- Address: 1426 W. Jonquil Terrace
- Market: East Rogers Park, Chicago
The seller of 1426 W. Jonquil Terrace enlisted the services of Essex Realty Group, Inc. to sell the property. The marketing campaign led by Steve Livaditis and Jacob Goldstein resulted in more than 12 property tours and multiple offers within a two-week timeframe. The property was ultimately sold to a local investor for $1,037,500, with Abe Eilian of Essex Realty Group representing the buyer.
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Details
SOLD
IMAGE: Jacob Goldstein, Steve Livaditis & Abe Eilian
DATE: 08/26/2021
ADDRESS: 1426 W. Jonquil Terrace
MARKET: East Rogers Park, Chicago
ASSET TYPE: Multifamily
BROKERS: Steve Livaditis, Jacob Goldstein, Abe Eilian - Essex Realty (@ChicagoMultifamily_EssexRealty)
SALE PRICE: $1,037,500
UNITS: 6 ~ PPU: $172,916
NOTE: East Rogers Park Multifamily Property Trades Hands For First Time In 35 Years
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 1426 W. Jonquil Terrace in Chicago’s beautiful East Rogers Park neighborhood. This exceptional center-entrance six-flat is comprised of five massive three-bedroom apartments and one large two-bedroom apartment.
The seller, a local investor, hired the Essex team of Steve Livaditis and Jacob Goldstein to exclusively market the property for sale. Within a two-week timeframe, Essex led an extensive marketing campaign resulting in more than 12 property tours and multiple offers. The property sold to a local investor for $1,037,500, which equates to $172,916 per unit. Essex Director Abe Eilian represented the buyer.
“1426 W. Jonquil Terrace was a very special property to work on as its vintage appeal has been well-preserved over the 30+ years the ownership entity has held this asset,” explains Goldstein. He continued, “the new buyer is able to take advantage of the many value-add strategies this deal has to offer. Rents were significantly below market at the time of sale and the extremely large layouts offered investors the opportunity to add bedrooms, convert to condos, or renovate and bring rents to market level. The property was well received by the market and created a high velocity of showings which converted into a competitive bidding process within the first week of marketing.”
The property has been under the same ownership for over 35 years and has been well maintained during its tenure. The units include formal dining rooms, oversized family rooms and enclosed sunrooms.View on map
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Address1426 West Jonquil Terrace
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