Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the purchase and sale of 67 W. Chestnut St., a rare middle-market multi-family property located in Chicago’s Near North District.
A local investor hired Brian Keegan and Matt Feo to exclusively market the four-unit property for sale. The marketing campaign resulted in nearly 30 tours and several offers. Ultimately, the property sold for $1,525,000, a price tag that reflects a premium cap rate and high price per unit, each consistent with properties that trade in Chicago’s core neighborhoods.
Keegan, who also represented the buyer, said that “demand for unique properties in Chicago’s core neighborhoods remains very strong and is evidenced by the significant and regular activity that these types of building generate through the marketing process. This particular asset was a rare opportunity for the buyer to purchase a building in a location that is largely dominated by high-rises, or other commercial assets, and that has multiple dynamic short and long-term uses.”
Located on the south side of Chestnut Street near the intersection of Chestnut and Clark, the building is within walking distance to countless well-known famous restaurants and bars. In addition, there are tremendous conveniences owning and living in this location including a half-mile walk to the Oak Street Beach, a Whole Foods within three blocks, Washington Square Park, and several bus stops in every direction.