Chicago-based multifamily brokerage firm Essex Realty Group, LLC negotiated the sale of 4101 W. Nelson St., an 11-unit apartment building in Chicago’s Avondale neighborhood.
Essex Principals Jordan Gottlieb and Jim Darrow represented the seller, and Essex Managing Director Matt Feo represented the buyer of the transaction.
The property consists of a desirable mix of spacious 2 and 3-bedroom apartments, along with two studio garden apartments. The building has undergone several renovations in the past 15 years, including new electric service, hot water boiler & storage tank, individual HVAC, and upgrades to the kitchens & bathrooms. These 1,000 – 1,200 SF apartments boast sleek interiors featuring hardwood floors, stainless steel appliances, quartz countertops, subway tile backsplashes, and rear porches. Additionally, the property includes washers & dryers in the basement, tenant storage units, a shared outdoor courtyard, and a one-car garage.
Throughout the marketing phase, 4101 W. Nelson St. hosted over 34 tours, attracting significant interest from prospective buyers. After garnering several competitive offers, the property sold for 1.82MM to a prominent active investor in the area. The transaction illustrates the property’s desirability as an exceptional investment opportunity with its prime location, recent renovations, and strong rental demand.
Located on the Northwest side of the city, Avondale sits between the Victorian-era mansions on double lots in Old Irving and the stately Greystones along Logan Boulevard. The centrally located neighborhood continues to grow as artists, urban professionals, and young families move northwest along the ever-popular Milwaukee Avenue.
4101 West Nelson is located on the south side of Nelson Street, just west of Karlov Avenue, where there is an array of diverse eateries, revered bars, and specialty shops. Additionally, the property is just over a mile from both the Belmont & Logan Square Blue Line CTA stations and the Healy Metra Train Station, is near numerous bus stops, and is just a 5-minute drive from the Kennedy Expressway, providing tenants with excellent transportation options.
