Essex Tapped To Sell Another Uptown Multifamily Property

Essex Realty Group, Inc., a commercial real estate brokerage firm based in Chicago, has been exclusively retained to market for sale 5054 N. Winthrop Avenue in Chicago’s Uptown neighborhood.

This 48-unit property is comprised of primarily 1 bed/1 bath apartments and one 2 bed/1 bath apartment. The apartments feature hardwood floors, laminate countertops, black kitchen appliances and in-unit furnaces. The common areas are well designed and feature a spacious laundry room on the first floor as well as a clean lobby with a separate entrance atrium for mail.

The current owner maintains the property under a Class 9 special tax designation. Cook County’s Class 9 program offers a 50% reduction in assessments and taxes to developers who renovate multifamily properties and rent the units to tenants that meet certain income criteria. A new owner has the rare opportunity to purchase a beautiful corridor building within the Class 9 program and take advantage of the tax benefits.

Located just a few blocks from Lake Michigan on a tree-lined street, the property benefits from the neighborhood’s remarkable resurgence over the past 10 years. 5054 N. Winthrop Avenue is currently listed at $6,799,000 by the Essex team of Abe Eilian and Matt Feo.

“In addition to the excellent tax benefits, this is a rare opportunity to acquire a completely gut renovated building in a great location at a basis of $141k per unit, which is increasingly more difficult in the current market. Frankly, I’m not sure anyone could build this property today for a cost anywhere near what someone will be able to purchase this for,” explained Feo.

Chicago’s Uptown neighborhood is active. The Essex team also is currently marketing The Wilson Club, a 76-unit new construction redevelopment property located in the former Wilson Men’s Club and recently closed 4635 N. Winthrop Avenue in October.