43-unit South Shore multiunit fetches $1.95 million

Essex Realty Group, Inc. is pleased to announce the sale of 7517 S. Coles Avenue, a 43-unit multifamily property situated in a prime location just one block from Rainbow Beach in Chicago’s historic South Shore neighborhood.

Essex Director Brian Mond was the broker on the transaction. Mond conducted an extensive marketing campaign resulting in more than 12 property tours and three offers. The property sold to an out-of-state buyer for approximately $1,950,000.

7517 S. Coles Avenue is comprised of 43 studio, one- and two-bedroom apartments plus two non-conforming units. The apartments are spacious with separate living and dining rooms and hardwood floors throughout. There are 25 outdoor parking spaces.

According to Mond, “The South Shore neighborhood is one of the 10 communities selected as part of INVEST South/West, an initiative put forth by the city of Chicago to enrich and re-activate commercial corridors.” Asked about the impact of this program, Mond says, “It is an exciting time for residents and investors on Chicago’s south side! The City’s Planning Department has put forward proposals located in neighborhoods on the south side including INVEST South/West and the newly approved Obama Presidential Center. We are witnessing hyper-focused reinvestment in these neighborhoods, which will support local businesses and the residents that live in these neighborhoods.”

The property is conveniently located one block east of the Windsor Park Metra Station, providing residents with quick and easy access to Chicago’s downtown business district.

Essex Realty Group, Inc. is a leading mid-market brokerage firm that specializes in the sale of investment real estate throughout the Chicago metropolitan area. Visit https://essexrealtygroup.com for access to our multi-family listings and more information.