Essex Represents both Buyer & Seller After Nearly a Dozen Tours & Over Half a Dozen Offers

December 20, 2022

Chicago-based investment real estate brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 1501 E. 66th Place, an attractive 8-unit apartment building located in Chicago’s Woodlawn neighborhood.

The property is comprised of 4 three-bedroom/one-bath and 4 three-bedroom/two-bath apartment units. This well-maintained building includes expansive unit layouts, and units feature hardwood floors, kitchens with ample cabinet space, and well-lit living spaces. Because the building was initially intended for condominiums, the apartments feature high-end finishes and in-unit laundry accessibility.

The property quickly went under contract after hitting the market in spring of 2022. With nearly a dozen tours, and well over half a dozen offers, the property generated quite a bit of interest among local investors. Ultimately, the property sold for $1,160,000. The sale price reflects a cap rate of 8.06%.

“Our team has been tracking the progress of this as well as other developments surrounding Woodlawn. There is no doubt that this area is trending upwards as a place to both invest in and reside. Both local and out of state multifamily investment groups have too caught onto this hot neighborhood,” said Essex Director Brian Mond. “this was a unique opportunity due to the location of the building, quality of construction, and historic grandeur,” he continued. Mond represented both buyer and seller on the transaction.

The property is in the ever-popular Woodlawn neighborhood on Chicago’s south side. Within walking distance, the Obama Presidential Library site, as well as several modes of public transportation, neighborhood parks, and Lake Michigan, this is an ideal location for residents.

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