Triton Realty Group recently sold two apartment buildings in Chicago, one in the Andersonville neighborhood and the other in Belmont Cragin. The combined sale price on the two transactions was over $2.6 million.
In the Belmont Cragin neighborhood, Triton sold a 10-unit apartment building for $871,500, representing $87,150 per unit. Matthew A. Fritzshall, president and managing broker of Triton represented the seller and Harrison A. Cohen, vice president at Triton represented the buyer.
The property, built in 1927, operates at a 9.39 percent capitalization rate and has a unit mix comprised of eight two-bedroom/one-bathroom units and two one-bedroom/one-bathroom garden units. The building features numerous recent capital improvements including replaced porches, furnaces, water heater, tuck pointing and lintels. A laundry facility and two garages are also on site.
Fritzshall and Cohen also facilitated the sale of a turnkey, rehabbed multifamily property in the Andersonville neighborhood. The building was converted to six two-bedroom/one-bathroom units with spacious layouts. The deal closed for $1,815,000 and sold at 11.50 gross rent multiplier. The building operates at a 6.40 percent capitalization rate and sold for $302,500 per unit—one of the highest price-per-unit sales within the last two years.
According to Fritzshall and Cohen this sale represents what is happening in Andersonville and the surrounding neighborhoods. Investors are attracted to the area for its proximity to transportation, the lakefront and the appeal for renters.