Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 401 North Milwaukee Ave., a mixed-use property located in Chicago’s Fulton River District.
A local investor hired the co-op team of Essex Managing Director Brian Karmowski and Principal Jordan Gottlieb to market this one-of-a-kind property for sale. The property is comprised of six unique lofted apartments, 4,000 square feet of restaurant space leased to Perilla, a Korean BBQ restaurant, and a 25-foot billboard leased to Outfront Media.
The marketing campaign resulted in over two dozen tours and several offers. Ultimately, the property sold for $4,125,000; a price that reflects a 7.42% cap rate. The buyer, a local investor, was also represented by Gottlieb.
Situated across the street from Chicago’s famous Blommer Chocolate Company headquarters, the property is at the intersection of Kinzie, Milwaukee and Des Plaines Avenues. The exceptional units were beautifully renovated and feature expansive layouts, 12-15 foot ceilings, and exposed brick & timber beams. The apartments also include granite counters, stainless steel appliances and in-unit laundry. Tenants also have quick and easy access to several CTA stations, as well as the Ogilvie Transportation Center.