ReJournals | Illinois Multifamily

Essex Brokers facilitate sale of another West Town multifamily property

March 24, 2022

Chicago-based Essex Realty Group, Inc. recently facilitated the sale of 2331 W. Superior St., a 14-unit multifamily property located in Chicago’s popular Ukrainian Village 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 20 property tours and multiple offers. The property ultimately sold to a local investor for $2,250,000, which equates to $160,714 per unit.

2331 W. Superior St. is a 14-unit multifamily property comprised of a mix of one- and two-bedroom apartments. Situated on the south side of Superior Street, just east of Western Avenue, this multifamily building features vintage apartment units with individual heat and shared laundry in the basement. 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 new individual HVAC.

Just last month Essex closed on another West Town property. 1342-44 W. Ohio Street, a six-unit multifamily apartment building plus the adjacent 24’ x 126’ foot lot, closed for $1,140,000.

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Tagged in this post: Jordan Gottlieb