Essex Closes Sale of Mixed Use Building in Ukrainian Village

Chicago-based multifamily brokerage firm Essex Realty Group, Inc., completed the sale of a nine-unit mixed-use building at 859 N. Damen Ave., in the city’s Ukrainian Village neighborhood.

The transaction was facilitated by Essex Principal Jordan Gottlieb and Managing Director Brian Karmowski, the property generated multiple offers, resulting in a final sale price of $2,550,000. The price equated to $283,333 per unit; 10.18 GRM; and a 6.40% capitalization rate.

859 N. Damen Ave. is comprised of eight residential units and one retail unit. The retail space is currently leased to Black Dog Gelato through 2028, a longtime tenant. According to Gottlieb, “Buyers were attracted to this beautiful corner property with a great local retail tenant. The property, having been fully rehabbed recently, is in great shape with an attractive unit mix.”