ReJournals | Illinois Multifamily

Old Town multifamily building trades for $450,000 per unit

June 09, 2022

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 1401 N. Mohawk St. in Chicago’s Old Town neighborhood.

Essex Director Abe Eilian exclusively marketed the property for sale on behalf of the seller. Essex led an extensive marketing campaign resulting in multiple offers. The buyer, an out-of-state investor, purchased the property for $1,805,000, which equates to $451,250 per unit.

1401 N. Mohawk Street is a four-unit multifamily property located on the east side of Mohawk Street, just steps from Wells Street and North Avenue, and is conveniently located less than a half-mile from the Sedgwick Brown/Purple Line. The apartment building was completely renovated and rebuilt in 2020 and is essentially a new construction property. The unit mix contains one-, two-, three- and four-bedroom apartment floorplans. Each unit has hardwood floors, stainless steel appliances, quartz countertops, an in-unit laundry. This property presented an investor with the opportunity to acquire a well-located asset with long-term rental upside.

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Tagged in this post: Abe Eilian