Essex Lists 6-Unit Greystone in Coveted Gold Coast Location
CHICAGO, ILLINOIS– Chicago-based multifamily brokerage firm Essex Realty Group, LLC announced it has been exclusively engaged to market for sale 64 E. Cedar St., a rare boutique multifamily investment opportunity in the heart of Chicago’s prestigious Gold Coast neighborhood.
The property consists of six units: two 1-bed/1-bath units, one 1-bed/1.5-bath unit, one 2-bed/2-bath unit, and two 3-bed/3-bath units (one of which is a Penthouse with private rooftop deck). Further, the two 3-bed/3-bath units are currently leased to a corporate housing and short-term rental company, under corporate-guaranteed leases with automatic annual rent and RUBS escalations.
Positioned on the north side of Cedar Street, this property is nestled in the heart of the Gold Coast, surrounded by some of Chicago’s most iconic dining establishments, including Tavern on Rush, Gibson’s Steakhouse, Lou Malnati’s, Maple & Ash, Carmine’s, LUXBAR, and Adalina. Additionally, the building is just steps from Chicago’s Magnificent Mile, Lake Shore Drive, and Oak Street Beach, providing unparalleled access to world-class shopping, dining, entertainment, and the vibrant energy that defines this sought-after neighborhood. This is a rare opportunity to own a premier property in one of Chicago’s most desirable locations.
Essex Director, Abe Eilian is representing the seller of the property. According to Eilian, “A very limited number of boutique apartment buildings ever become available in this sub-market, so investors seeking to own multi-family property in this prestigious location get very few opportunities to do so. This asset has been meticulously and thoughtfully redesigned, effectively making it a new construction property. This is especially notable given the area’s designation as a Historic District, which adds complexity, time, and significant cost to the restoration process. The Historic District designation creates a strong barrier to entry, ensuring that future development in this area will be exceptionally challenging.”