Essex Director Sells Bucktown Five-Flat for Nearly $350,000 Per Unit
Essex Realty Group, Inc. recently facilitated the sale of 1806 North Paulina Street, a 5-unit multi-family property located in Chicago’s highly sought-after Bucktown neighborhood.
Essex Director Abe Eilian exclusively marketed the property for sale and led an extensive marketing campaign that resulted in over 25 tours. The property ultimately sold to an out of state investor for $1,748,600, which equates to $349,720 per unit. The sale price reflects a cap rate of 7.01% and a GRM of 10.28.
The property is situated on the west side of Paulina Street, and is comprised of one two-bedroom-, three three-bedroom- and one five-bedroom-units. The five-bedroom is duplexed-up. The property was gut rehabbed in 2019, and all units are in excellent condition. The large layouts feature white shaker cabinets, hardwood floors, subway tile backsplash, stainless steel appliances, and in-unit laundry. Most mechanicals were replaced as well, including new hot water tanks, new condensers & furnaces (4/5), and approximately 80% of the plumbing was replaced to copper.
“This was a turn-key investment opportunity with rents that were significantly below market,” said Essex Director Abe Eilian. “There was a great deal of interest in the property due to the thoughtful updates, attractive layouts, large bedrooms and the property’s prime Bucktown location,” he continued.
1806 North Paulina Street is located less than one half block to the Bloomingdale (606) Trail, a very popular biking, running, and walking trail connecting some of Chicago’s most well-known parks. It is also within walking distance to the Clybourn Metra station, Damen CTA Blue Line, and several bus stops. Furthermore, the property offers tenants easy access to all the bars, restaurants, and local businesses of Bucktown.