CHICAGO, IL - Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 1201 W. Addison Street, a 12-unit multifamily property located in Chicago’s popular Wrigleyville neighborhood.
A multifamily team comprised of Essex Principals Jim Darrow and Jordan Gottlieb and associate Sarah Rider exclusively marketed the property for sale. The property sold within 97% of the original list price to a local investor for $6,225,000, which equates to $518,750 per unit. Essex director Abe Eilian represented the buyer in this transaction.
"The high-price per unit reflects how the sellers went above and beyond your typical renovation for the neighborhood,” explained Darrow. He continued, “The buyer, after seeing other buildings, appreciated the quality of the seller's work, along with the opportunity to own a trophy building one block from Wrigley Field."
1201 W. Addison Street is a classic corner walkup brick building with 12 apartment units. The unit mix is comprised of two, three, and four-bedroom floorplans. Completely renovated in 2017, the apartments include beautiful quartz countertops, trendy two-tone kitchen cabinets, stainless steel appliances and custom tile backsplashes in the kitchens. These spacious apartments also include hardwood floors, individual HVAC, washer/dryer in-unit and individual back decks.
The property is situated on the southwest corner of Addison Street and Racine Avenue, just one block west of Chicago’s famous Wrigley Field. Located on a beautiful tree-lined street, the property benefits from the neighborhood's low vacancy rates and close proximity to public transportation and Chicago’s beautiful lakefront. This investment opportunity offered the rare chance to own a stately corner building in Chicago’s popular Wrigleyville neighborhood.