Connect CRE

Six-Flat Comes to Market on Border of Wicker Park and Humboldt Park

October 10, 2022

Commercial real estate brokerage firm Essex Realty Group, Inc. has been selected to exclusively market 1358 N. Artesian Avenue.

1358 N. Artesian Avenue is a six-unit multi-family property located on the border of neighborhoods Wicker Park & Humboldt Park. The property is comprised of three 2 bedroom/1 bathroom units, two 3 bedroom/1 bathroom units, and one 3 bedroom/2 bathroom units. All units feature granite countertops, black appliances, hardwood flooring and central heating/air conditioning.

According to Rick Ofman, Director of Essex and the broker leading the sales efforts, “This is an excellent opportunity to acquire a renovated property with immediate upside that can be captured by raising rents to market rates.”

Currently, the 2 bed/1 baths are renting for an average of $1,475 per month, while similar units in the area are renting for $1,700. The 3 bed/1 bath are renting for an average of $1,900 while similar units are renting at an average of $1,050; finally, the 3 bed/2 bath is currently renting at $1,925 while similar units are renting at $2,150.

1358 N. Artesian Avenue is currently listed at $1,375,000, a price that reflects a 5.91% cap rate and 10.93 GRM.

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Tagged in this post: Rick Ofman