Pilsen Multifamily Achieves High Per-Unit Price

Essex Realty Group finalized the sale of 1417 W. Cullerton St., a six-unit multifamily property located in the West Side’s Pilsen neighborhood. The property closed for $1,080,000 or $180,000 per unit.

According to Co-Star Comps, this is the highest local price per unit for a multifamily property featuring five units or more sold in the past year.

Essex principals Jim Darrow and Jordan Gottlieb, with Director Jordan Multack represented the seller, a local investor. Essex director Matt Feo represented the buyer.

“The buyer found a great opportunity in 1417 W. Cullerton as this property is a well-maintained asset located in a great pocket within a vibrant and growing neighborhood,” said Feo.

1417 W. Cullerton features four units in the front building and two units in the rear coach house. A new owner could likely make minor cosmetic updates to the units and increase rents over time.

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