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25-Unit Chicago Apartment Property Sells
Marcus & Millichap completed the sale of 2253 W 111th St., a 25-unit apartment property located in Chicago, Illinois. The property sold for $2,983,500, or $119,340 per unit.
“The buyer saw tremendous upside in the property’s flexible floor plans, with the potential to convert the existing two-bedroom units into three-bedrooms,” said Jack Stanton, partner of the Stengle Stanton Group. “This added another layer of value to an already well-located, cash flowing asset in a rapidly appreciating submarket.”
Stanton and Kyle Stengle, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the listing to market the property on behalf of the seller, a longtime local private owner.
2253 W 111th St. features 25 two-bedroom floor plans across 31,185 rentable square feet. Built in 1928, the property is situated on .35 acres in the Morgan Park neighborhood of Chicago. The asset is located near I-57 with access to Morgan Park Academy and Chicago Public Library.
