Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 3500 N. Fremont Street located in Chicago’s beautiful Lakeview neighborhood. Situated on the northwest corner of Cornelia Avenue and Fremont Street, this 36-unit apartment building is comprised of studio and one-bedroom apartment floorplans.
The seller, a local investor, hired the Essex team of Jim Darrow and Jordan Gottlieb to exclusively market the property for sale. Within a two-week timeframe, Essex led an extensive marketing campaign resulting in more than 16 property tours and multiple offers. The property sold to a local investor for $6,200,000, which equates to $172,222 per unit. Essex Principal Steve Livaditis represented the buyer.
“The building offered the buyer what I will call a Hat Trick in Chicago real estate- bright and sunny apartments due to the corner location, the ability to significantly raise rents, and of course the rare opportunity to be able to purchase 36-units less than 2 blocks from the world-famous Wrigley Field,” explained Darrow.
3500 N. Fremont Street is conveniently located two blocks from Wrigley Field and the Addison Red Line CTA Station, and approximately one-half mile from Chicago’s beautiful lakefront. Currently 20 of the 36 units have been renovated to include hardwood floors, stainless steel appliances, quartz countertops, and custom tile backsplashes. The property presented an opportunity for an investor to add value by updating the remaining units and subsequently raising rents up to the current market levels.