Essex Brokers Facilitate Sale of Irving Park Value-Add Multifamily

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 4257 N. Sacramento Avenue, an eight-unit multifamily property located in Chicago’s popular Irving Park neighborhood.

A multifamily team comprised of Essex Principals Jim Darrow and Jordan Gottlieb and associate Sarah Rider exclusively marketed the property for sale. The Essex team led an extensive marketing campaign resulting in multiple offers. The property ultimately sold to a local investor for $1,525,000, which equates to $190,625 per unit. Essex Principal Kate Varde represented the buyer in this transaction.

4257 N. Sacramento Avenue is a charming brick apartment building is situated on the southeast corner of Cullom Avenue and Sacramento Avenue, just three blocks west of Horner Park. The unit mix is comprised of all two-bedroom units that feel spacious and bright due to the corner location. Three of the eight units were recently renovated with beautiful finishes including stainless steel appliances and quartz or granite counters in the kitchen plus updated bathrooms. The remaining five units were updated within the last 10 years and have granite counters, cherry cabinetry and white appliances. Each apartments include hardwood floors, individual HVAC and spacious rear decks. The newer units yield higher rent compared to the older units which provides a new owner with proven strategy for renovating the remaining units and raising rent to capture additional rental upside.