Essex Sells Buena Park Multifamily Asset For The First Time in 35 Years

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 4012-14 N. Sheridan Road, an eight-unit center entrance apartment building located in Chicago’s Buena Park neighborhood. The property has been under the same ownership for over 35 years and has been well maintained during its tenure.

A multifamily team led by Steven Livaditis and Jacob Goldstein of Essex Realty Group, Inc. was hired by a local investor to exclusively market the property for sale. Within a four-week timeframe, Essex led an extensive marketing campaign resulting in multiple offers, and ultimately selling to a local investor at the asking price of $2,700,000, which equated to $337,500 per unit.

4012-14 N. Sheridan Road is comprised of a mix of one- two- and three-bedroom apartments. The apartments are spacious, ranging from 1,500 SF – 2,000 SF each. Each expansive unit includes a formal dining room, oversized family room, and an outdoor terrace. One of the most appealing aspects of this offering is that the property sits on an approximately 10,500SF lot that provides up to 12 parking spaces at the rear of the property for tenants.

“This was truly a rare offering with multiple investment strategies for a new owner. Originally built in 1903 as luxury residences, the property has been modernized over the years to meet today’s rental needs while preserving the historic woodwork and keeping the intricate detail intact,” explained Essex director Goldstein.

The Sheridan Red Line CTA Station is conveniently located approximately one block south of the property.