Essex Realty Group Markets 13-Unit Multifamily Property in North Park
Essex Realty Group Markets 13-Unit Multifamily Property in North Park
CHICAGO, IL – Essex Realty Group, LLC is pleased to exclusively present for sale 3216–3218 W. Olive Avenue, a 13-unit multifamily property located in Chicago’s desirable North Park neighborhood. The beautifully maintained, “L”-shaped yellow brick building was substantially renovated in 2019 and features an ideal mix of renovated one- and two-bedroom apartments.
Essex Realty Group Principal Jim Darrow, Principal Jordan Gottlieb, and Director Brian Keegan exclusively represent the seller in the offering.
Transaction Summary
| Property | 3216–3218 W. Olive Avenue, Chicago, Illinois |
| Neighborhood | North Park |
| Property Type | Multifamily |
| Unit Count | 13 Units |
| Sale Price | Contact Broker for Pricing |
| Representation | Seller Representation by Essex Realty Group |
| Transaction Team |
Principal Jim Darrow Principal Jordan Gottlieb Director Brian Keegan |
Property Overview
The property underwent a large-scale renovation in 2019, including new electrical and plumbing systems throughout the building. The rear apartments, located in Tiers C and D, feature individual HVAC systems and in-unit laundry.
All apartments offer modern finishes, including hardwood floors, stainless steel appliances, quartz countertops with waterfall kitchen islands, and marble-tiled bathrooms. Current rents across the property average approximately $1,800 per month, providing an opportunity for an investor to further enhance the remaining units and capture additional rent growth.
Value-Add Potential
The offering presents additional value-add potential through the addition of individual HVAC systems and in-unit laundry to the front A and B Tiers. There is also potential to add an apartment within the front basement space through Chicago’s ADU program, subject to applicable approvals.
Broker Representation
“The Olive property is located in a quiet residential pocket of the city with a very limited supply of medium to large apartment buildings. This property stands out as one of the few nearly fully renovated buildings in the neighborhood,” said Principal Jordan Gottlieb.
Prime North Park Location
Located in North Park, 3216–3218 W. Olive Avenue is situated within a quiet, tree-lined neighborhood known for its residential character and strong community feel. The property is conveniently located near North Park University and Northeastern Illinois University, while residents also benefit from access to public transportation, ample green space, recreational opportunities, and a variety of popular local restaurants and bars.
Work With Essex Realty Group
Essex Realty Group specializes in the sale of multifamily investment properties throughout Chicago and the surrounding suburbs. Our team provides apartment owners and investors with market expertise, strategic marketing, and transaction advisory services.
To learn more about 3216–3218 W. Olive Avenue or discuss the value of your multifamily property, contact the Essex Realty Group team.
About Essex Realty Group
Essex Realty Group, LLC is a Chicago-based commercial real estate brokerage specializing in multifamily investment sales. Since 1990, Essex has served Chicago’s investment real estate community, providing expertise to multifamily property owners and investors throughout the Chicago metropolitan area.
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