Essex Realty Group Brokers Sale of $2.7M Andersonville Mixed-Use Building

Essex Realty Group, Inc. is pleased to announce the sale of 1657-1659 W. Foster Avenue, a 12-unit mixed-use building located on the corner of Foster and Paulina in Chicago’s Andersonville neighborhood.

Originally purchased in the early 2000s with intent to convert the building to for-sale condos, the sellers (a local partnership) had gut-rehabbed the entire building and ultimately decided to rent it when the condo market slowed as the rehab was completed. The unit mix consists of two 1-bedroom and eight 2-bedroom units which all feature spacious layouts, granite counters, stainless steel appliances, in-unit laundry, radiator heat and through-wall A/C. Additionally, the building has maintained great tenant retention in the apartments and long term occupancy in the retail over the years with the street level retail leased to a local bakery and local wellness office.

“The buyer, a local investment group, recognized the property as a well performing, well maintained asset in a great location and had purchased the property as an addition to their portfolio because they believe in the continued growth of the Andersonville neighborhood,” says Matt Feo, Essex Realty Group Director.

Essex garnered 18 property showings and procured 4 offers to purchase the property. The purchase price was approximately $2,700,000.

Essex’ Directors Matt Feo and Abe Eilian and Principal Doug Fisher were the sole Brokers representing both the Seller and Purchaser in this transaction.