A 12-unit multifamily building at 5203 W. Wolfram Street in Chicago’s Belmont-Cragin neighborhood sold for $1,225,000. SVN Chicago Commercial advisors David Miller, Paul Cawthon and Angelo Labriola represented the seller in the transaction while SVN Chicago Commercial advisor Dawn Overstreet represented the buyer.
The property is an all-brick, corner 12-unit, which was very well maintained and had rents well below market value. Additionally, there are eight parking spaces in the rear, two separate laundry rooms and separated utilities with individual boilers for heat and individual water heaters.
“We were able to exceed the seller’s expectations not only on price but with a quick timeline from list to close. With rents below market this transaction was an opportune value-add investment for the buyer, and a great exit price for the seller. A win-win for both parties,” said Miller.