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Essex Realty’s Feo and Ofman Market West Ridge Multifamily
Essex Realty Group has listed 6118 N. Claremont Ave., a seven-unit multifamily property in Chicago’s West Ridge neighborhood, for $1,450,000. Directors Matt Feo and Rick Ofman have the assignment.
Renovated in 2011, the building includes stainless steel appliances, granite counters, hardwood floors, individual HVAC, in-unit laundry, and walk-in closets. The current owner also completed several capital improvements in 2021.
“West Ridge has traditionally been a neighborhood that multifamily investors seek for its stability through market cycles; however, housing providers in the area who invested significant capital in their buildings in the last decade have proven there is demand for units with higher-end finishes,” said Ofman.
An opportunity exists for a new owner to acquire a stabilized asset in a strong rental market, says Essex Realty. There is also potential to add value by duplexing-down or adding an accessory dwelling unit (ADU) in the basement per the city’s ADU Ordinance.
- ◦Sale/Acquisition
