Logan Square Multifamily Building Trades $50,000 Over List Price
Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 2407 N. Kedzie Boulevard located in Chicago’s sought-after Logan Square neighborhood. Situated on the east side of Kedzie Boulevard, just north of Fullerton Avenue, this seven-unit apartment building is comprised of six spacious 2 bed/1 bath plus den apartments and one large 1 bed/1 bath garden apartment.
The seller, a local investor, hired the Essex team of Jim Darrow and Jordan Gottlieb to exclusively market the property for sale. Within a 16-day timeframe, Essex led an extensive marketing campaign resulting in more than 24 property tours and multiple offers. The property sold to a local investor for $1,945,000, which represents a final purchase price of $50,000 over list price. Darrow also represented the buyer.
“The property was completely renovated in 1990 and has been well maintained by long-term family ownership since. Investors were drawn to the value-add opportunity presented. A new owner could add value through cosmetic updates to the apartments and by further modernizing the property by possibly adding laundry in-unit and converting the building to individual HVAC systems,” explains Gottlieb.
The property is situated in a prime pocket of Logan Square, just south of Logan Square Park home of the famous eagle topped Logan Square Monument. 2407 N. Kedzie Boulevard is conveniently located approximately one-half mile from both the Logan and California Blue line L stops. Quick access to both CTA Stations, as well as numerous bus stops offers tenants excellent public transportation options.
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, or click HERE.
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