Essex Realty Group, Inc. recently facilitated the sale of 2842-2844 West Fletcher St., a 13-unit multifamily building located in Chicago’s Avondale neighborhood.
Essex President Doug Imber and Principal Kate Varde marketed the property for sale, resulting in a closing price of $2,175,000, which reflects a 5.4% cap rate and a GRM of 11.2. The unit mix consists of one- and two-bedroom apartments, the majority of which were in vintage condition.
The average rents of the one-bedroom apartments were approximately $1,100, while competing properties are achieving rents between $1,400 and $1,500.
In addition, several of the one bedroom units could be easily converted into two bedroom units, further enhancing the income.
