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Vintage Multifamily Elevator Buildings Come to Market in Lincoln Park

July 07, 2020

Essex Realty Group is marketing for sale 640 and 656 W. Wrightwood Ave., a pair of vintage elevator buildings in Lincoln Park. Both multifamily buildings have been owned by the same entities for more than 50 years, providing investors with an opportunity to acquire two rarely available trophy assets located steps apart.

An asking price wasn’t disclosed. 640 and 656 W. Wrightwood total 107 studio and one-bedroom apartments with older finishes. Current monthly rents at each property are $275 to $300 below market.

For example, studios at the properties average $735 per month, whereas comparable vintage studios rent for $1,000 per month and renovated studios rent for $1,225 per month. This represents an upside opportunity for performing renovations, says Essex Realty.

The two properties are being offered individually or as a portfolio. However, Essex Realty says all portfolio offers must include pricing for each individual asset.

Since 1990, Essex Realty Group, Inc. has served Chicago’s investment real estate market as a top multifamily brokerage firm. Contact us today to learn more about our recent multifamily and mixed-use property sales.

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Tagged in this post: Doug Imber , Kate Varde