Essex Realty Group Executes Sale of Two Mixed-Use Buildings Totaling 10 Units in Pilsen
CHICAGO, ILLINOIS– Chicago-based multifamily brokerage firm Essex Realty Group, LLC announced the sale of 1850-1852 South Blue Island Avenue, located in Chicago’s popular Pilsen neighborhood. Essex Principal Jordan Gottlieb represented the seller of the transaction along with Essex Principal Jim Darrow.
The properties are two side-by-side mixed-use buildings, totaling 10 units. 1850 S. Blue Island Ave. comprises a 2,200 SF retail space, which is leased to Gracias Maria juice bar through March 2033, and two fully renovated 2-bed apartments with in-unit laundry. 1852 S. Blue Island Ave. consists of a 2,200 SF retail space, which is leased to Good Mood Tattoo through August 2027, and six renovated 2-bed/ 1-bath apartments with shared laundry on the 2nd & 3rd floors. All units were renovated in 2018 and feature open layouts, hardwood floors, stainless steel appliances, quartz counters, tiled backsplashes/showers, and individual HVAC.
Pilsen is a culturally rich neighborhood situated roughly 3.5 miles southwest of Chicago’s Loop that features a diverse population including families, creative and business professionals, medical students, and graduate students. 18th Street is a bustling retail corridor that is home to many local cafes, coffee shops, bodegas, restaurants, and entertainment venues.
The property is situated on the south side of 18th Street just west of Loomis Street. The 18th St. and Damen “L” Stations are both less than one mile away, providing tenants quick access to the CTA Pink Line. Along with several surrounding bus stops & Divvy stations, tenants are offered excellent transportation options.
“Buyers were generally attracted to this top location in Pilsen at Blue Island and 18th Street. The property also sold with very attractive assumable financing,” said Jordan Gottlieb, Principal at Essex Realty Group, LLC.
Throughout the marketing phase, 1850-1852 S. Blue Island Ave. hosted several tours and garnered numerous competitive offers, ultimately selling for $2.1MM. The transaction demonstrates the properties’ desirability as available mixed-use buildings in this prime Pilsen location.