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Essex Closes Sale of 8-Unit Multifamily in Lakeview
Essex Realty Group, Inc. completed the sale of 3507-3509 N. Wilton Ave., an eight-unit center entrance building located in Chicago’s Lakeview neighborhood.
The property was gut renovated in 2013 and consists of seven three-bedroom units as well as a single two-bedroom unit. Each unit includes upscale designer finishes, featuring stainless steel appliances, quartz countertops, and contemporary white hardwood kitchen cabinets.
Located just one block from Wrigley Field, 3507 N. Wilton Ave. offers easy access to transportation hubs such as the Addison Red Line “L” Station. During the marketing phase, 3507 N. Wilton generated significant interest from prospective buyers. The property ultimately received multiple offers and closed at an $624,375 per unit.
“Multifamily deals delivering cash-on-cash returns above 8% on day 1 are typically not found anywhere on Chicago’s North Side, let alone in Lakeview,” said listing broker Rick Ofman. “This sale is a prime example of how asset condition, location, and assumable debt combine to drive market pricing.”
