Avondale Location is a Draw for Multifamily Investors

Essex Realty Group recently facilitated the sale of 2842-2844 W. Fletcher St. a 13-unit multifamily property in Chicago’s Avondale neighborhood. President Doug Imber and principal Kate Varde marketed the property for sale, resulting in a closing price of $2,175,000 for a 5.4% cap rate and a GRM of 11.2.

“One of the reasons the property was attractive to so many investors is that the Avondale neighborhood has become one of the new, compelling submarkets,” said Imber. “New restaurants, better housing options and its proximity next to Logan Square have made this a very desirable alternative.”

The unit mix includes one- and two-bedroom apartments, mainly in vintage condition. The average rents of the one-bedroom apartments were approximately $1,100, while competing properties are achieving rents between $1,400 and $1,500.

In addition, several of the one-bedroom units could be easily converted into two-bedroom units, further enhancing the income.

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