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.
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).
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