North Center 13-Unit Trades Hands after 50+ Years

February 01, 2023

Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 3801 N. Lincoln Avenue, a 13-unit mixed-use building located in Chicago’s North Center neighborhood.

Director Rick Ofman along with principals Doug Imber and Kate Varde represented the buyer in this off-market transaction, which closed at a sale price of $2,675,000. This is the second mixed-use property the team has sold on Lincoln Ave in as many weeks; Imber, Varde, and Ofman also sold 4601 N. Lincoln Ave., a 27-unit property one mile north.

“This sale is another data point that demonstrates the strength of multifamily on the northwest side of Chicago,“ remarked Ofman. “The stability and moderate growth of neighborhoods like Lincoln Square, Ravenswood, and Albany Park is attracting capital traditionally deployed closer to downtown.”

The property is prominently situated on the corner of Lincoln Avenue and Grace Street, two blocks south of the Irving Park L station. Additionally, the property is located within proximity to a slew of bars and restaurants, retail options, and grocery stores, including a Trader Joe’s directly across the street.

Contact Essex Realty Group, Inc. today with any questions you have regarding this sale, or if you are interested in learning more about their current inventory.

Tagged in this post: Doug Imber , Kate Varde , Rick Ofman