ReJournals | Illinois Multifamily

West Ridge multifamily property sells over list price

April 08, 2022

Essex Realty Group, Inc. recently facilitated the sale of 2453-2457 W. Fargo Avenue, a corner 13-unit multifamily property located in Chicago’s West Ridge neighborhood.

The seller, a local investor, hired Essex directors Abe Eilian and Matt Feo to exclusively market the property for sale. Within in a three-week timeframe, Essex led an extensive marketing campaign resulting in 22 property tours and multiple offers. The property ultimately sold $30,000 over the original list price for $1,675,000. Essex Principal Steve Livaditis and Director Jacob Goldstein represented the buyer, a local investor, in this transaction.

The property is located on the southeast corner of Fargo Avenue and Campbell Avenue, just one block west of Western Avenue. This boiler building is primarily comprised of one-bedroom units. Four of the 13 apartment units have been renovated in recent years and a value-add opportunity exists for a new owner to continue to renovate the remaining apartments. The property also has a rear courtyard with a large common lawn, on-site washer/dryers in the basement, and six garage parking spaces.

The property is situated in a uniquely desirable pocket in West Ridge surrounded by single-family homes and relatively low apartment density. With many local restaurants, bars, and shopping options and close proximity to several schools, parks, and public transportation, the convenient location of this property has contributed to its historically long-term and loyal tenancy.

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