Essex Realty Group, LLC brokered the sale of 4401–4403 N. Beacon St., a 13-unit multifamily property in Chicago’s Sheridan Park neighborhood. The property sold for $3.1 million.
The attractive corner walk-up apartment building features a desirable unit mix of thirteen apartments, including three large 1 Bedroom 1 Bathroom units with offices and ten 2 Bedroom 1 Bathroom units. The units offer spacious layouts with excellent natural light, and select apartments feature separate dining rooms, sunrooms, and eat-in kitchens.
The transaction was arranged by Essex Realty Group Principal Matt Feo on behalf of the seller and Principal Steve Livaditis on behalf of the buyer.
The property presented a compelling value-add opportunity through the potential addition of in-unit laundry, the ability to create additional bedrooms, and the use of substantial basement space with high ceilings that may allow for additional dwelling units or duplex-down configurations.
Ownership has maintained the building at a high level, completing several recent capital improvements including a newer rubber roof layer on a portion of the roof in 2021, a rebuilt section of the parapet wall in 2021, a new hot water system in 2022, new water service, and new coin-operated laundry facilities.
Located approximately six miles north of downtown Chicago, Sheridan Park offers a blend of historic character and urban convenience, with access to the Wilson Red and Purple Line Station, the Montrose Brown Line Station, major bus routes, and Lake Shore Drive. The neighborhood is also close to Broadway and Lawrence Avenue retail and dining, the Uptown Entertainment District, Andersonville, Ravenswood, and Lincoln Square, with ongoing investment supporting strong long-term rental demand.
