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Chicago & Midwest  + North Side  + Apartments  | 

Avondale Location is a Draw for Multifamily Investors 

Essex Realty Group recently facilitated the sale of 2842-2844 W. Fletcher St. a 13-unit multifamily property in Chicago’s Avondale neighborhood. President Doug Imber and principal Kate Varde marketed the property for sale, resulting in a closing price of $2,175,000 for a 5.4% cap rate and a GRM of 11.2.  

“One of the reasons the property was attractive to so many investors is that the Avondale neighborhood has become one of the new, compelling submarkets,” said Imber. “New restaurants, better housing options and its proximity next to Logan Square have made this a very desirable alternative.”  

The unit mix includes one- and two-bedroom apartments, mainly in vintage condition. The average rents of the one-bedroom apartments were approximately $1,100, while competing properties are achieving rents between $1,400 and $1,500. 

In addition, several of the one-bedroom units could be easily converted into two-bedroom units, further enhancing the income. 

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Essex Realty Group

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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