With Multiple Offers, Essex Closes on 15-Unit, Multi-Family Apartment Building in Chicago’s Albany Park Neighborhood

CHICAGO, ILLINOIS – Chicago-based multifamily brokerage firm Essex Realty Group, Inc. announced that it closed on the sale of a 15-unit apartment building in Albany Park, a highly desirable neighborhood on Chicago’s Northwest side. Brokers for the sale were Doug Imber, Kate Varde, and Rick Ofman.

The 15-unit building, located at 4855 N. Sawyer Avenue, sits on the southeast corner of Sawyer Avenue and Ainslie Street in Albany Park, just two blocks from North Park University. The building sold for $1.8 million, the original listing price.

“This sale illustrates both the strength and efficiency of the multifamily market on the North Side today. We conducted nearly 30 property tours in two days, resulting in 15 offers,” reflected Ofman. “While neighborhoods like Fulton Market and Lincoln Park often receive more media, the demand for naturally occurring affordable housing and the yields investors can derive continues to make neighborhoods like Albany Park incredibly attractive by comparison.”

The sale of the building generated excitement among real estate investors due to its upside potential after renovations, the thriving community in Albany Park, and its astute pricing. The building is a few blocks from the Kimball and Kedzie Stations on the Brown line, the North branch of the Chicago River, and countless restaurants representing a world’s tour of cuisines.

The building, built in 1918, contains three one-bedroom/one bath units, nine two-bedroom/one bath units, and three three-bedroom/one bath units. Albany Park abuts the East Albany Park and Lincoln Square neighborhoods. Known for its diversity and abundant trees, the neighborhood is home to bungalows, large Victorian homes, and multi-family rental units, the latter especially popular among North Park University students.