Essex Realty Group, Inc. is pleased to announce the sale of 1265 North Wolcott Avenue., a six-unit apartment building located in the Wicker Park neighborhood of Chicago. The property has been under the same ownership for over 30 years and has been meticulously maintained during its tenure. The building’s unit mix consists of three (3) two-bedroom one-bathroom plus den layouts and three (3) one-bedroom one-bathroom layouts. The apartments feature hardwood flooring throughout accompanied by various levels of updates to the kitchens and bathrooms as apartments have turned over throughout the years. Notable improvements to the building include copper plumbing throughout, separately metered electricity, a recent reflective elastomeric coating applied to the roof, individual HVAC, tuckpointing, and individual hot water heaters. Essex led an extensive marketing campaign resulting in more than 14 tours in 14 days and multiple written offers. The property sold within 95% of the list price to a local investor.
The Wicker Park neighborhood is bordered by the Chicago River to the east, Bloomingdale to the north, Division to the south, and Western Avenue to the west. The area is named after Charles and Joel Wicker who in 1870 developed the neighborhood surrounding the park bearing their name.
Residents use public transportation options like the CTA Blue Line and the #9 Ashland bus, the #56 Milwaukee bus, and the #70 Division bus. The Division Blue Line station extends out from Chicago to O’Hare airport and is located a short walk away from the subject property.
Many new homes have been built while many older homes have been restored. This residential growth has led to increased business activity, with many new bars, restaurants, and stores opening to serve these individuals. Property values in the community have gone up, increasing the wealth of property owners and making the neighborhood attractive to real estate investors (Wikipedia).
An area of exceptional artistry and character, the Wicker Park neighborhood has emerged from an artist’s haven into one of the most desirable places to live in Chicago. Today, the neighborhood is best known for its numerous commercial and entertainment establishments, as well as being a convenient place to live for downtown workers due to its proximity to public transportation and the Loop.
- Multiple Written Offers
- Competitive Bidding Process
- Under Contract Within Four Weeks of Marketing
- Closed Within 95% of List Price
- Desirable Wicker Park Location
- First Time on the Market in Over 30 Years
- Mix of 1 Bed / 1 Bath & 2 Bed / 1 Bath Layouts
- Current Rents Were Significantly Below Market