Essex Realty Group, Inc. is pleased to announce the sale of 67 W. Chestnut St., an extremely rare 4-unit apartment building in the Gold Coast. The Subject Property presented a rare opportunity to acquire a building with multiple dynamic short and long-term goals, all while located in one of Chicago’s core markets, primarily dominated by high-rises or other commercial assets.
The Subject Property consists of three (3) 2 Bed/1 Bath units and one (1) 2 Bed/2 Bath duplex-down owner’s unit. Each unit features hardwood floors, granite countertops, stainless steel appliances, central heat and air-conditioning, and in-unit laundry.
Located on the south side of Chestnut Street near the intersection of Chestnut and Clark, the Subject Property is within walking distance of countless famous restaurants and bars, including a half-mile walk to Oak Street Beach, a Whole Foods within three blocks, Washington Square Park within a block, and bus stops in every direction off Clark and Chicago.
Essex led an extensive marketing campaign, resulting in nearly 30 tours and several competitive offers. The property sold within 98% of List Price.
Chicago’s Gold Coast is a historic district, founded in the wake of the Great Chicago Fire. The story goes that after the completion of the “Palmer Mansion”, a forty-two room castle-like single family structure – other wealthy Chicago families followed the Palmer family and established what ended up becoming the wealthiest neighborhood in Chicago. In the 1980s for example, the Gold Coast (and neighboring Streeterville) comprised the second most-affluent neighborhood in the United States – just short of Manhattan’s Upper East Side. Today, much of this history is still evidenced by the mixture of historic mansions, row houses, and other luxury buildings in the neighborhood. Unsurprisingly, this neighborhood is also home to some of Chicago’s oldest and/or most successful restaurants and bars including Chicago’s very own Gibson’s Bar & Steakhouse, Maple & Ash, Adalina, and Carmine’s.
The Subject Property is situated on the south side of Chestnut Street. Locals may recognize that Chestnut, along with several other residential streets between Division and Chicago, is widely considered one of the premier street addresses to own and live on in the area. Along with easy access to countless famous restaurants and bars, there are tremendous conveniences owning and living in this location including a half-mile walk to the Oak Street Beach, a Whole Foods within 3 blocks, Washington Square Park within a block, and bus stops in every direction just steps onto Clark and Chicago.
- Ultra Rare 4-Unit Building in Prime Gold Coast Location
- Sold Within 98% of List Price
- Tremendous Activity - Nearly 30 Tours
- Multiple CapEx Projects Completed within Previous 3 Years
- Walking Distance to Countless Restaurants, Bars, Retail, and Transportation Options
- Very Low Maintenance Asset