Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 1358 N. Artesian Ave.
The seller, a local investor, hired Essex Director Rick Ofman to head the building’s marketing efforts. After an extensive marketing campaign resulting in a dozen property tours and several offers, a local investor purchased the property for $1,280,000.
1358 N. Artesian Avenue is a six-unit multi-family property located on the border of neighborhoods Wicker Park & Humboldt Park. The property is comprised of three two-bedroom/one-bathroom units, two three-bedroom/one-bathroom units, and one three-bedroom/two-bathroom units. All units feature granite countertops, black appliances, hardwood flooring and central heating/air conditioning.
At the time of sale, the rents were $150-250 below market, presenting the new owner the opportunity to bring rents to market and obtain additional income. Essex Director Abe Eilian represented the buyer.