Essex Brokers Facilitate Sale of Ukrainian Village Multifamily Building For First Time in 35 Years

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 1041 N. Hermitage Avenue, a corner six-unit multifamily property located in a prime pocket of Chicago’s East Ukrainian Village neighborhood.

The seller, a local investor, hired Essex Director Abe Eilian to exclusively market the property for sale. Essex led an extensive marketing campaign resulting in 30 property tours and 13 offers. The property sold within 98% of list price to a local investor for $1,220,000, which equates to $203,333 per unit. Eilian represented the buyer as well.

1041 N. Hermitage Avenue is located on the southeast corner of Hermitage Avenue and Cortez Street, just two blocks south of the vibrant Division Street commercial corridor. The property is comprised of six apartment units, a mix of one- and two-bedroom units. The apartments feature hardwood flooring throughout accompanied by various levels of updates to the kitchens and bathrooms as apartments have turned over throughout the years. Multiple value-add strategies exist for a new owner.

The property benefits from the neighborhood’s low vacancy rates, rising rents, close proximity to public transportation, nightlife, and restaurant scene.