Essex Realty Group, Inc. facilitated the sale of 7416 N. Rogers Avenue, a six-unit multifamily property located in Chicago’s Rogers Park neighborhood.
“I congratulate all involved in this transaction as it was a complicated one. The buyer purchased the property through not one but a four property 1031 exchange,” said Essex director and broker on the transaction Matt Feo.
The buyer, a local investor, purchased the property for approximately $803,660 which equates to approximately $133,000 per unit.
The asset features six two-bedroom/one-bathroom apartments. A new owner could likely make minor cosmetic updates to the units and increase rents over time. The property is conveniently located in close proximity to the Howard CTA Station.
Essex is also exclusively marketing a 17-unit, mixed-use property located at 5622-5628 N. Clark Street in Chicago’s Andersonville neighborhood. The corner asset is listed for $4,995,000.
The property features five one-bedroom/one-bathroom, eight two-bedroom/one-bathroom, and two three-bedroom/two-bathroom that feel spacious and bright due to the building’s corner location. The apartment units were recently renovated and feature hardwood floors, stainless-steel appliances, quartz countertops, in-unit laundry and individual HVAC. Individual storage units and additional laundry are available to tenants in the basement. The building also includes two ground-floor commercial spaces, currently occupied by The Coffee Studio and Piatto Pronto, a local deli.
“5622 N. Clark Street presents the rare opportunity to purchase a larger property in Andersonville in a prime location on Clark Street. The apartments are beautifully renovated, and the retail tenants are both current on all rent payments,” said Essex principal and listing broker Jim Darrow.
The building is located less than one mile from both the Bryn Mawr and Berwyn Red Line CTA stations and several bus stops.