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Essex Realty facilitated the sale of 1401 N. Mohawk, an apartment property in Chicago's Old Town neighborhood

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. 

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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).

  • ◦Sale/Acquisition
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