Essex Realty Group Facilitates Sale of Lincoln Park Multifamily Property

CHICAGO, ILLINOIS — Chicago-based multifamily brokerage firm Essex Realty Group, LLC announced the sale of 1948 North Lincoln Avenue, a 6-unit multifamily property located in Chicago’s highly desirable Lincoln Park neighborhood.

Transaction Summary

• Transaction Type: Lincoln Park Apartment Building Sale
• Address: 1948 North Lincoln Avenue, Chicago, Illinois
• Neighborhood: Lincoln Park / Old Town
• Property Type: Multifamily Apartment Building
• Unit Count: 6 Units
• Sale Price: $1,600,000
• Brokers: Director Brian Keegan

Property Overview: 6-Unit Apartment Building in Lincoln Park

Essex Realty Group exclusively marketed the property for sale, which featured well-appointed one-bedroom apartments with strong in-place rents and additional upside potential through continued rental growth.

Each apartment featured modern finishes including hardwood floors, stainless steel appliances, granite countertops, tiled backsplashes and bathrooms, individual HVAC systems, in-unit laundry, and private rear decks.

In addition to strong existing cash flow, the property also presented future upside through potential short-term rental income and continued demand from the area’s large student and young professional population.

Investment Opportunity for Chicago Multifamily Investors

“Quality Greystone apartment buildings in Lincoln Park are rarely available, and we continue to see extremely strong investor demand whenever opportunities like this surface,” said Director Brian Keegan. “This particular property is almost perfectly situated between Old Town, Lincoln Park, and the lakefront. It’s an essentially unbeatable micro-location, which made it such a compelling opportunity in one of Chicago’s most competitive and supply-constrained multifamily markets. We were pleased to generate a substantial number of property tours in a very short timeframe and ultimately deliver a great outcome for both buyer and seller.”

The property offered investors an attractive opportunity in one of Chicago’s most sought-after rental markets with strong neighborhood fundamentals and durable renter demand.

Lincoln Park Multifamily Investment Market

Located on the border of Lincoln Park and Old Town, the building benefits from exceptional access to transportation, dining, shopping, and entertainment.

The property is situated less than one mile from the Sedgwick and Armitage CTA stations servicing the Brown and Purple Lines, with convenient access to Lake Shore Drive and multiple bus routes.

Residents are also within close proximity to some of Chicago’s premier attractions including Lincoln Park Zoo, North Avenue Beach, the Chicago History Museum, and DePaul University, which enrolls more than 25,000 students and continues to drive strong rental demand throughout the neighborhood.

Lincoln Park remains one of Chicago’s most historically significant and desirable neighborhoods due to its proximity to downtown Chicago, Lake Michigan, and the city’s lakefront amenities. Its combination of historic charm, vibrant retail corridors, and steady residential demand continues to make the neighborhood a premier destination for multifamily investment.

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About Essex Realty Group

Essex Realty Group, LLC has served Chicago’s investment real estate market since 1990 as a leading Chicago multifamily brokerage firm specializing in apartment building sales throughout the city and surrounding suburbs.