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Out-of-State Buyer Picks Up Turnkey Property in Bucktown
Essex Realty Group, Inc. recently facilitated the sale of 1806 N. Paulina St., a five-unit multifamily property in Chicago’s Bucktown neighborhood. The property ultimately sold to an out of state investor for $1,748,600, or $349,720 per unit. The sale price reflects a cap rate of 7.01%.
“This was a turnkey investment opportunity with rents that were significantly below market,” said Essex director Abe Eilian, who marketed the property. “There was a great deal of interest in the property due to the thoughtful updates, attractive layouts, large bedrooms and the property’s prime Bucktown location.”
Gut renovated in 2019, 1806 N. Paulina is convenient to the Bloomingdale (606) Trail, the Clybourn Metra station, Damen CTA Blue Line and several bus stops. In addition, the property offers tenants easy access to the bars, restaurants and local businesses of Bucktown.
- ◦Sale/Acquisition
