@properties Commercial recently brokered two Chicago apartment building sales: a 16-unit walk-up building at 6304 N. Oakley Ave. for $1.13 million and a six-unit building at 4420 N. Winchester St. for $850,000. Kevin Rocio, real estate advisor for @properties Commercial, represented the sellers in both transactions.
The Oakley property, located in Chicago’s West Ridge neighborhood, includes one- and two-bedroom units all of which were leased at the time of sale. The building currently has Class 9 Tax Status, offering the owner reduced property taxes as a result of below-market rents.
“The taxes are half what they would be on a similar property with market-rate rents. The buyer has the opportunity to keep rents low and enjoy the tax benefit or bring the rents in line with the market,” Rocio said.
The Winchester property, located in Chicago’s Ravenswood neighborhood, was an estate sale that was originally offered for sale by owner. The building has one one-bedroom, one-bath unit and five two-bedroom, one-bath units, as well as surface parking for eight cars.
Rocio said he approached the owner and told him the property was underpriced. “We had four offers within a week, and the property sold, all cash, for $75,000 above where the seller had valued it. It’s the perfect example of why it pays to use a broker. A lot of owners think they’re saving money by doing it themselves, when in reality they’re leaving money on the table,” Rocio said.
