Chicago-based multifamily brokerage firm Essex Realty Group, LLC brokered the sale of 2023-2025 N. Racine Ave., a 12-unit apartment building in Chicago’s Lincoln Park neighborhood.
The transaction was brokered by Essex Principal Steve Livaditis, who represented the seller, and Essex Principal Jim Darrow, who represented the buyer.
The classic walk-up building consists of twelve apartments, featuring a balanced unit mix of six (6) one-bedroom/one-bath and six (6) two-bedroom/one-bath units, offering appeal to a wide range of renters. The property includes five surface parking spaces and a mix of unit finishes. Capital improvements include galvanized plumbing with copper upgrades, and a full roof tear off completed in 2024.
The asset sold at one of the highest price-per-unit benchmarks for a non-renovated building in Lincoln Park this year, further underscoring the enduring demand for value-add opportunities in premier urban submarkets. Ideally situated in the heart of Lincoln Park, the property is within walking distance of the Armitage CTA Brown Line station, as well as multiple bus routes and major thoroughfares. Its central Lincoln Park location offers immediate access to neighborhood amenities including local dining, shopping, top-rated schools, DePaul University, and lakefront parks.
