Essex Realty Group finalized the sale of 1417 W. Cullerton St., a six-unit multifamily property located in the West Side’s Pilsen neighborhood. The property closed for $1,080,000 or $180,000 per unit.
According to Co-Star Comps, this is the highest local price per unit for a multifamily property featuring five units or more sold in the past year.
Essex principals Jim Darrow and Jordan Gottlieb, with Director Jordan Multack represented the seller, a local investor. Essex director Matt Feo represented the buyer.
“The buyer found a great opportunity in 1417 W. Cullerton as this property is a well-maintained asset located in a great pocket within a vibrant and growing neighborhood,” said Feo.
1417 W. Cullerton features four units in the front building and two units in the rear coach house. A new owner could likely make minor cosmetic updates to the units and increase rents over time.
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).