Chicago Multifamily Property Sells for $1.6M at $369/SF

Chicago’s multifamily market continues to see strong demand, as evidenced by the recent sale of 54 East Cedar Street. The 4,326 SF property, located in the affluent Gold Coast neighborhood, was sold for 1.6M on December 10, 2021. The sale price equates to 369 per square foot, a strong price for the area.

The buyer was represented by Celeste Huenergard, a top-performing broker in the Chicago market. The seller was represented by Steven Novit, a seasoned broker with extensive experience in the Gold Coast neighborhood.

The property features four units, each with two bedrooms and one bathroom. The building was constructed in 1891 and has been well-maintained over the years. The property is located just steps from the Magnificent Mile, one of Chicago’s premier shopping destinations, and is in close proximity to numerous restaurants, bars, and entertainment options.

The sale of 54 East Cedar Street is a testament to the strength of Chicago’s multifamily market, particularly in the Gold Coast neighborhood. With strong demand from both local and out-of-state investors, the market is expected to remain robust in the coming years. Celeste Huenergard and Steven Novit are both well-positioned to capitalize on this trend, and are expected to continue to be major players in the Chicago commercial real estate market.