ReJournals | Illinois Multifamily

Essex Realty Group brokers sale of $3.4M Ravenswood mixed-use building

October 26, 2020

Essex Realty Group facilitated the sale of 4401-4407 N. Mozart Street, a 19-unit mixed-use property located on the northeast corner of Mozart Street and Montrose Avenue in Chicago’s Ravenswood neighborhood. A local investor purchased the property for approximately $3,423,000 which equates to $180,158 per unit.

Essex principal Steve Livaditis represented the buyer. The seller, a local investment group, was represented by Essex directors Abe Eilian and Matt Feo.

“We brought this property to market in July and because the property is 100 percent occupied and we wanted to respect the wishes of the tenants during this pandemic, we created virtual Matterport tours for the units,” said Feo. “It was a different, yet successful, experience swapping Matterport links for traditional property tours, and after receiving multiple offers, we placed the property under contract within one month of releasing it to the market.”

Gut-rehabbed in 2015, the property offers an attractive mix of one- and two-bedroom units. Each unit features high-end finishes, exposed brick, quartz countertops, stainless steel appliances, and in-unit laundry. All 1,500 square feet of ground floor retail space is occupied by a single accredited architectural design firm.

The property is conveniently located just three blocks from the Francisco Brown Line CTA Station and one block from Homer Park, a massive 58-acre park.

Since 1990, Essex Realty Group, Inc. has served Chicago’s investment real estate market as a top multifamily brokerage firm. Contact us today to learn more about our recent multifamily and mixed-use property sales.

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