Essex Realty Group, Inc., a multifamily brokerage firm based in Chicago, has successfully sold a mixed-use building located at 859 N. Damen Ave. in the Ukrainian Village neighborhood.
The sale was completed by Essex Principal Jordan Gottlieb and Managing Director Brian Karmowski after generating multiple offers for the property. The final sale price of $2,550,000 equated to $283,333 per unit with a 10.18 gross rent multiplier (GRM) and a 6.40% capitalization rate.
The building consists of eight residential units and one retail unit currently leased to Black Dog Gelato until 2028 – an established tenant that adds value to the property’s appeal according to Gottlieb: “Buyers were drawn to this attractive corner property with its strong retail tenant presence.” Additionally, having recently undergone full renovations makes it an appealing investment opportunity due its well-maintained condition and desirable mix of units.
This successful transaction is another testament to Essex Realty Group’s expertise in navigating complex real estate deals within Chicago’s diverse neighborhoods.
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