@properties Commercial recently brokered the sale of a four-unit apartment building at 323 W. Webster, in Chicago’s Lincoln Park neighborhood, for $2.55 million or $637,500 per unit. The sale price represents a first-year yield, or capitalization rate, of 5.9 percent.
Michael Weber and Ian Feinerman, senior commercial brokers for @properties Commercial, represented the seller, a private real estate investor.
The building features a unit mix of two duplex, three-bedroom, two-bath apartments and two full-floor three-bedroom, three-bath apartments. Units average approximately 2,300 square feet. The property also includes a five-car detached garage. All four units in the building were leased at the time of sale, with rents ranging from $3,600 to $4,500 per month.
The building underwent a complete renovation in 2006 that added condo-quality finishes including high-end cabinetry, stainless steel appliances, Brazilian cherry wood floors and stone tiled baths.
The building is located across the street from the Francis W. Parker school and less than a block from the entrance to Lincoln Park and the Lincoln Park Zoo. It is a half-mile from the Lake Michigan shoreline.
“This was a very unique investment opportunity – basically a blue-chip, condo-quality building in an ‘A-plus’ location. In the current market, assets like this will trade at values equal to or, in some cases, even greater than comparable condominium product,” Feinerman said.
