Essex Realty Group Executes $2,550,000 Sale of 9-Unit Mixed Use Building in Ukrainian Village Neighborhood

Chicago Multifamily Transaction Overview

Chicago-based multifamily brokerage firm Essex Realty Group, Inc., announced the sale of a 9-unit mixed-use building at 859 N. Damen Ave., located in Chicago’s popular Ukrainian Village neighborhood.

Property Highlights: address

The transaction was facilitated by Essex Principal Jordan Gottlieb and Managing Director Brian Karmowski, the property generated multiple offers, resulting in a final sale price of $2,550,000. The price equated to $283,333 per unit; 10.18 GRM; and a 6.40% capitalization rate.

Unit Mix and Renovations

859 N. Damen Ave. is comprised of 8 residential units and 1 retail unit. The retail space is currently leased to Black Dog Gelato through 2028, a longtime tenant. Additional income is also provided by a promotional sign on the exterior wall. The property was substantially renovated in 2015, receiving upgraded plumbing, electrical, and HVAC systems. The deluxe apartment units all feature designer finishes, individual HVAC, in-unit laundry, and rear porches.

Prime Location in Ukrainian Village

Transit and Accessibility

The property is ideally situated on the east side of Damen Avenue just south of Iowa Street and is located just one block north of the neighborhood’s popular Chicago Avenue and three blocks south of Division Street. With both the Damen & Division L Stations less than one mile away, and several surrounding bus stops & Divvy Stations nearby, tenants are offered excellent transportation options.

Essex Realty Group’s Role in the Transaction

According to Gottlieb, “Buyers were attracted to this beautiful corner property with a great local retail tenant. The property having been fully rehabbed recently is in great shape with an attractive unit mix.”

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Since 1990, Essex Realty Group, LLC has served Chicago’s investment real estate market as a top multifamily brokerage firm, specializing in Chicago multifamily for sale properties. Contact us today to learn more about our recent multifamily and mixed-use property sales, or click HERE.

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