Michael Shiff, senior associate at Jameson Real Estate, worked with both the buyer and seller in the $1,200,000 sale of 2610 W. Thomas Ave in Chicago.
Located walking distance to Western and Division Avenues in downtown Chicago, the property is a 7,100-square-foot masonry courtyard apartment building with 9 units.
The property had undergone significant renovations including separate GFA Heat/AC, on-site laundry, copper plumbing, new electric wiring and updated common areas.
The property had a 12-day market time and sold for a record low area CAP Rate of 5.2%. Shiff generated multiple offers for the building in a competitive bidding process. The winning bid came from a local real estate investment group that will update kitchens and bathrooms and hold the property as part of a long-term growth strategy.
