Essex Realty Group Brokers Turn-Key Pilsen Apartment Building

October 01, 2019

1603 S. Wood Street is a beautifully gut-renovated 6-unit apartment building in Chicago’s Pilsen neighborhood. The building is near the northeast corner of Wood and 16th near the 18th Street Pink Line CTA Station.

“I am so happy for the buyers on closing this extraordinary Pilsen apartment building in ‘one of the top 50 coolest neighborhoods in the world,’ as recognized by TimeOut worldwide. This community is on the cusp of exploding and it will be exciting to continue to witness the neighborhood growth,” said Essex Realty Group Director Jordan Multack. Essex Realty Group brokers Jordan Multack, Jim Darrow and Jordan Gottlieb represented the seller, local developer CKO Investments. Multack represented the buyers, who as first-time buyers in Pilsen, were drawn to the turn-key aspect of the deal and the excellent location.

The purchase price was $1,470,000 which equates to $245,000 per unit. Multack notes this is the highest price per unit for a multi-family property larger than 3 units in Pilsen in the last three years according to Co-Star Comps.

The property consists of a front and back four flat and two-unit coach house. The total lot size is approx. 25 x 110 FT. The building was renovated in 2018 and features thoughtful, spacious apartment units with high end finishes including quartz countertops, stainless steel appliances and contemporary white hardwood kitchen cabinets. Each unit includes washer/dryer in-unit, HVAC and hardwood floors.

This is the 2nd Pilsen apartment building closed by Essex Realty Group, Inc. in as many months – 1328 W. 18th Street closed recently as well.

Tagged in this post: Jim Darrow , Jordan Gottlieb