Chicago-based multifamily brokerage firm Essex Realty Group, Inc. recently facilitated the sale of 7131 N. Ridge Blvd., a mixed-use property located in Chicago’s Rogers Park neighborhood.
A local investor hired the Essex team of Doug Imber, Kate Varde, and Jaimie Steinher to exclusively market the property for sale. Within less than two weeks, the property went under contract and ultimately closed at a sale price of $2,975,000. The price tag reflects a 3.74% cap rate and GRM of 13.10.
The property is prominently situated on the corner of Ridge Road and Touhy Avenue and is comprised of 20 residential and two retail units. The residential units were in older condition and were rented for $300 per month below market. Essex Director Brian Karmowski represented the buyer.