Essex Realty Group, Inc. recently facilitated the sale of 7131 N. Ridge Blvd., a mixed-use property located in Chicago’s Rogers Park neighborhood.
A local investor hired the Essex team of Doug Imber, Kate Varde and Jaimie Steinher to market the property for sale. Within less than two weeks, the property went under contract and ultimately closed at a sale price of $2,975,000; the price tag reflects a 3.74% cap rate and GRM of 13.10.
The property is prominently situated on the corner of Ridge Road and Touhy Avenue and contains 20 residential and two retail units. The residential units were in older condition and were rented for $300 per month below market. Essex director Brian Karmowski represented the undisclosed buyer.
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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