Brian Mond Sells Auburn Gresham Corner Property After 15 Tours, 11 Offers
A local investor hired Essex director Brian Mond to exclusively market the property for sale. The property had over a dozen showings and received several competitive offers. The property ultimately sold to a local investor for $1,000,000. The sale price reflects a cap rate of 8.40%.
The property is an attracted yellow-brick building located on the corner of Ashland Avenue and 79th Street. In addition to the four retail units, the residential unit mix consists of five two-, seven one-bedroom, and four studio apartment units. Prior to this sale, the property received new a new electric service and plumbing, and approximately 85% of the units had been gut-rehabbed.
Mond represented both the buyer and the seller on the transaction.
Auburn Gresham is a neighborhood on Chicago’s south side, about 20 minutes from Chicago’s downtown. The area, also known as Gresham, is a historic neighborhood of Chicago that has been introduced to some major landmark investments. There are several architectural projects in development as well as the City of Chicago’s Invest South/West Initiative. Within the past few years, the neighborhood continues to see impressive economic upside, and it only continues to grow.