Chicago-based multifamily brokerage firm Essex Realty Group, LLC closed the sale of 1948 North Lincoln Avenue, a 6-unit multifamily property in Chicago’s highly desirable Lincoln Park neighborhood.
Essex Realty Group exclusively marketed the property for sale, which featured well-appointed 1 bed/1 bath apartments with strong in-place rents and significant upside potential through continued rental growth.
The property offered investors an attractive opportunity in one of Chicago’s most sought-after rental markets. Each apartment featured modern finishes including hardwood floors, stainless steel appliances, granite countertops, tiled backsplashes and bathrooms, individual HVAC systems, in-unit laundry, and private rear decks. In addition to strong existing cash flow, the property presented future upside through potential short-term rental income and continued demand from the area’s large student and young professional population.
Located on the border of Lincoln Park and Old Town, the building benefits from exceptional access to transportation, dining, shopping, and entertainment. The property is situated less than one mile from the Sedgwick and Armitage CTA Stations servicing the Brown and Purple Lines, with convenient access to Lake Shore Drive and multiple bus routes. Residents are also within close proximity to some of Chicago’s premier attractions including Lincoln Park Zoo, North Avenue Beach, the Chicago History Museum, and DePaul University, which enrolls more than 25,000 students and continues to drive strong rental demand throughout the neighborhood.
Lincoln Park remains one of Chicago’s most historically significant and desirable neighborhoods due to its proximity to downtown Chicago, Lake Michigan, and the city’s lakefront amenities. Its combination of historic charm, vibrant retail corridors, and steady residential demand continues to make the neighborhood a premier destination for multifamily investment.
