Connect Chicago

Lincoln Park Apartments List for First Time Since 1977

August 17, 2020

Essex Realty Group has listed 822 W. Wrightwood Ave., a Lincoln Park multifamily property available for the first time since 1977. The seller is asking $3.7 million for the 13-unit property, which has undergone recent capital improvements.

“This property is not only situated in a prime location in Lincoln Park on the northeast corner of Wrightwood and Dayton, but it also offers a new owner a variety of investment strategies,” said Jordan Gottlieb, Essex Realty Group principal and broker for the property.

He added, “If the proposed [accessory dwelling unit] ordinance passes, a new owner could also add an additional apartment unit by utilizing the basement space.”

The property has been meticulously maintained by its long-term owners. A new investor has the opportunity to make updates to kitchens and baths and add individual HVAC and in-unit laundry to increase rents substantially, or to continue operating the property as-is.

Since 1990, Essex Realty Group, Inc. has served Chicago’s investment real estate market as a top multifamily brokerage firm. Contact us today to learn more about our recent multifamily and mixed-use property sales.

Read Full Article at Connect Chicago
Tagged in this post: Jim Darrow , Jordan Gottlieb