A 14-unit, 19,075-square-foot, mixed-use building at 5601 W. Belmont Avenue on Chicago’s Northwest Side sold at an 8.5 percent cap rate. Paul Cawthon, Angelo Labriola and David Miller of SVN Chicago Commercial’s Cawthon-Labriola Group were the sole brokers in the transaction. The asset sold for $2,400,000.
The property consisted of a mix of new and long-term commercial tenants, including Artel Jewelers, and six gut-rehabbed apartments above. The property is commonly referred to as the “Boolookas Building” because of the iconic Boolookas marking on the hard corner above the second story window of the apartments.
“This was a unique value-add opportunity for the buyer where a majority of the exterior and interior improvements have already been completed and new ownership can focus on increasing current below-market rents. It was a strong cap rate deal with significant upside for the buyer,” Labriola said.