CHICAGO, IL - Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 3508-3516 N. Sacramento Avenue, a 15-unit multifamily building located in Chicago’s Avondale neighborhood. The property was originally developed and built in 2014 and is comprised of three adjacent buildings.
A multifamily team comprised of Jordan Gottlieb and Matt Feo of Essex Realty Group, Inc. was hired by the seller to exclusively market the property for sale. Within a four-week timeframe, the Essex team led an extensive marketing campaign resulting in eight offers. The property sold within 99% of the list price to a local investor for $4,525,000. Gottlieb and Essex principal Jim Darrow represented the buyer.
“We saw tremendous interest in this property due to its attractive location and unit mix, but most importantly, as construction costs have continued to rise, we have seen increase investor demand for finished and stable properties,” explained Gottlieb.
3508-3516 N. Sacramento Avenue is comprised of a mix of two-and three-bedroom apartments and select units have duplex floorplans. Each unit features hardwood floors, quartz countertops, stainless steel appliances, central heat and air- conditioning, large fireplaces, and in-unit laundry. Most units also include private balconies. Each building has a small semi-private yard and garages that combine for a total of 15 parking spaces. This property presented an investor to the opportunity to acquire a low- maintenance asset in an excellent Avondale location and to increase rents to market levels in the current condition or convert to condominiums.
The property is located less than one-mile from both the Belmont and Addison Blue Line CTA Stations as well as numerous bus stops.