Essex Realty Group Executes $2,550,000 Sale of 9-Unit Mixed Use Building in Ukrainian Village

Chicago-based multifamily brokerage firm Essex Realty Group, Inc., announced the sale of a 9-unit mixed-use building at 859 N. Damen Ave., located in Chicago’s popular Ukrainian Village neighborhood.

The transaction was facilitated by Essex Principal Jordan Gottlieb and Managing Director Brian Karmowski, the property generated multiple offers, resulting in a final sale price of $2,550,000. The price equated to $283,333 per unit; 10.18 GRM; and a 6.40% capitalization rate.

859 N. Damen Ave. is comprised of 8 residential units and 1 retail unit. The retail space is currently leased to Black Dog Gelato through 2028, a longtime tenant. Additional income is also provided by a promotional sign on the exterior wall. The property was substantially renovated in 2015, receiving upgraded plumbing, electrical, and HVAC systems. The deluxe apartment units all feature designer finishes, individual HVAC, in-unit laundry, and rear porches.

The property is ideally situated on the east side of Damen Avenue just south of Iowa Street and is located just one block north of the neighborhood’s popular Chicago Avenue and three blocks south of Division Street. With both the Damen & Division L Stations less than one mile away, and several surrounding bus stops & Divvy Stations nearby, tenants are offered excellent transportation options.

According to Gottlieb, “Buyers were attracted to this beautiful corner property with a great local retail tenant. The property having been fully rehabbed recently is in great shape with an attractive unit mix.”