Triton Realty Group completed two multifamily sales on the West and Northwest side of Chicago. The two properties are located at 4500-4510 N. Long Avenue in Jefferson Park and at 1608-1610 N. Luna Avenue in the North Austin community.
Harrison Cohen, vice president of Triton was exclusively retained to market 4500-4510 N. Long on behalf of the seller and also procured the buyer. The 1950s-construction apartment building contains eight units and sits on a large corner lot. The unit mix includes six large layout, two-bedroom/one-bath units and two one-bedroom/one-bath units. Additionally, there are eight surface parking spaces and two garage spaces. All the units feature separate tenant paid heat and a/c. The asset traded for $1,100,000 or $137,500 price per unit.
“This was a rare opportunity to acquire a multifamily asset owned by the same family for 40 years,” Cohen said. “I was able to generate multiple offers putting the seller in a strong negotiating position to choose the highest and best contract terms.”
In another recent transaction, 1608-10 N. Luna traded hands in the North Austin neighborhood. The S-shaped courtyard property was gut rehabbed in 2008 including new windows, roof, electric, plumbing, kitchens, baths, individual HVAC, individual hot water, hardwood flooring, tuckpointing and back porches. Cohen represented the buyer and Ross Waxman of Value Add Realty Group represented the seller. The property sold for $1,770,000 or $68,076 price per unit.
The building has 26 units including two commercial spaces. There are 14 two-bedroom/one-bath apartments and 10 one-bedroom/one-bath apartments. Also included in the sale was a nearby 81 x 125 foot lot. The property operated at 9.84 percent capitalization rate on current numbers.