Essex Brokers Facilitate Sale of Another West Town Multifamily Property

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 858 N. Wood Street, a 10-unit multifamily property located in Chicago’s popular West Town neighborhood.

The seller, a local investor, hired Essex principal Jordan Gottlieb to exclusively market the property for sale. Essex led an extensive marketing campaign resulting in 19 property tours and six offers. The property ultimately sold to a local investor for $1,825,000, which equates to $182,500 per unit. Gottlieb and Essex Principal Jim Darrow represented the buyer in this transaction.

858 N. Wood Street is a 10-unit multifamily property comprised of a mix of one- and two-bedroom apartments. Situated on the corner of Wood Street and Iowa Street, this corner building features vintage apartment units with individual heat. Today an opportunity exists for an investor to renovate the apartment units with new kitchen and bathroom finishes and possibly further modify the units to include laundry in-unit and individual HVAC.

Just last month Essex closed on another West Town property. 2331 W. Superior Street, a 14-unit multifamily apartment closed for $2,250,000.