Renters Were Bidding (Literally!) To Live in This Lincoln Park 5-Unit, Now Listed for Sale by Essex Realty Group, Inc.

September 27, 2022

Essex Realty Group, Inc., a commercial real estate brokerage firm based in Chicago, has been exclusively retained to market for sale 1959 North Seminary Avenue, a 5-unit property in Lincoln Park.

The property is located adjacent to DePaul’s campus, and main retail district down Armitage Avenue, including the Armitage L station. The project was substantially completed and entered lease up in July 2022. Once placed on the market for rent, the units achieved an avalanche of interest resulting in multiple applications and a “bidding war” for each apartment. The unprecedented level of interest resulted in most of the units renting for over asking price and 3 of the 5 units signing 24-month leases through the summer of 2024. Essex brokers Abe Eilian & Jordan Gottlieb are marketing the exceptional property for sale, listed at $3,200,000.

The list price reflects a 6.9% cap rate (including projected 2021 RE Taxes). In addition to the excellent terms associated with this opportunity, the property is ideal for roommates, a popular tenant demographic in the area. The unit mix consists of two-, three-, and four-bedroom layouts, all of which are open and bright.

Eilian and Gottlieb are gearing up to show the property, contact Essex to schedule a tour today.

Tagged in this post: Jordan Gottlieb , Abe Eilian