Essex Realty Group, LLC announced the successful sale of 5154 N. Clark Street, a 91-unit mixed-use property located at the prominent intersection of Clark Street, Foster Avenue, and Ashland Avenue in Chicago’s Andersonville neighborhood. The property had been held by the same ownership for more than 40 years.
Essex Realty Group Principal Brian Karmowski exclusively represented the seller in the transaction. Principal Matt Feo and Managing Director Rick Ofman represented the buyer.
The property consists of 81 residential units and 10 first-floor retail and restaurant spaces totaling approximately 63,800 square feet. The well-maintained asset features several recent capital improvements, including a new electric service, a modernized elevator system, newer windows, and a newer boiler. The property also offered significant embedded upside, with residential rents approximately 40% to 60% below m4rket and additional upside across the retail component.
