Essex Realty Group, Inc. recently sold 3507-3509 N. Wilton Ave., an eight-unit building in Chicago’s Lakeview neighborhood. The property underwent a complete renovation in 2013 and features seven three-bedroom units and one two-bedroom unit, all with high-end designer finishes including stainless steel appliances, quartz countertops, and modern white hardwood kitchen cabinets.
Conveniently located just one block from Wrigley Field and near the Addison Red Line “L” Station, 3507 N. Wilton Ave. offers easy access to transportation options for residents.
During the marketing process for the property, there was significant interest from potential buyers which resulted in multiple offers being received before ultimately closing at $624,375 per unit.
According to listing broker Rick Ofman: “It is rare to find multifamily deals on Chicago’s North Side that offer cash-on-cash returns above 8% on day one – especially in a highly desirable location like Lakeview.” He also noted that this sale exemplifies how factors such as asset condition, location,and assumable debt can drive market pricing.
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