Chicago & Midwest + Downtown + Apartments | January 16, 2023

Essex Realty Group closed the sale of a six-unit multifamily property in Chicago's Humboldt Park neighborhood

Essex Realty Closes Sale of Humboldt Park Six-Flat

Chicago-based multifamily brokerage firm Essex Realty Group recently facilitated the sale of 1358 N. Artesian Ave., a multifamily property in the West Side’s Humboldt Park neighborhood.

The seller, a local investor, hired Essex director Rick Ofman to head the building’s marketing efforts. After an extensive marketing campaign resulting in a dozen property tours and several offers, a local investor purchased the property for $1,280,000.

1358 N. Artesian Ave.is a six-unit multi-family property located on the border of Wicker Park and Humboldt Park. The property is comprised of three two-bedroom/one-bathroom units, two three-bedroom/one-bathroom units and one three-bedroom/two-bathroom unit. All units feature granite countertops, black appliances, hardwood flooring and central heating/air conditioning.

At the time of sale, the rents were $150-250 below market, presenting the new owner the opportunity to bring rents to market and obtain additional income. Essex director Abe Eilian represented the buyer.

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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).