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Out-of-State Buyer Snaps Up Old Town Apartments
Essex Realty Group recently facilitated the sale of 1401 N. Mohawk St. in Chicago’s Old Town neighborhood. The buyer, an out-of-state investor, acquired it for $1,805,000, or $451,250 per unit.
Essex director Abe Eilian exclusively marketed the property for sale on behalf of the seller. Essex led an extensive marketing campaign resulting in multiple offers. “This was an exceptional turnkey property with thoughtfully designed and oversized units, making it an ideal candidate for a live-in owner looking to offset their living expenses with the rents generated from the other three apartments,” said Elian.
The apartment building was completely renovated and rebuilt in 2020 and is essentially a new-construction property. The unit mix contains one-, two-, three- and four-bedroom apartment floorplans.
Each unit has hardwood floors, stainless steel appliances, quartz countertops, and in-unit laundry. The property presented an investor with the opportunity to acquire a well-located asset with long-term rental upside.
- ◦Sale/Acquisition
